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INCOME TAXES | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES The current and deferred components of the income tax (benefit) provision included in the Consolidated Statements of Operations are as follows:
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
Current: |  |  |  |  |
Federal | $ | 602 |  |  | $ | (110) |  |  | $ | 55 |
State and local | 625 |  |  | 328 |  |  | 423 |
Foreign | (11) |  |  | 496 |  |  | 188 |
Total current provision | 1,216 |  |  | 714 |  |  | 666 |
Deferred: |  |  |  |  |
Federal | (2,831) |  |  | (1,750) |  |  | 12,937 |
State and local | 260 |  |  | 13 |  |  | (638) |
Foreign | 298 |  |  | (4,882) |  |  | 4,845 |
Total deferred (benefit) provision | (2,273) |  |  | (6,619) |  |  | 17,144 |
(Benefit from) provision for income taxes: |  |  |  |  |
Continuing operations | (1,057) |  |  | (5,905) |  |  | 17,810 |
Discontinued operations | — |  |  | — |  |  | 1,076 |
Total | $ | (1,057) |  |  | $ | (5,905) |  |  | $ | 18,886 |
We are taxed as a flow-through entity for U.S. income tax purposes and our taxable income or loss generated is the responsibility of our owners, except as related to certain wholly owned corporate subsidiaries for which only distributions therefrom flow through to our shareholders. Taxable income or loss generated by our corporate subsidiaries is subject to U.S. federal, state and foreign corporate income tax in locations where they conduct business. The difference between our reported total provision for income taxes and the U.S. federal statutory rate of 21% is as follows:
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
U.S. federal tax at statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Income not subject to tax at statutory rate | (4.8) | % |  | (7.9) | % |  | (21.7) | %
State and local taxes | (0.6) | % |  | (0.3) | % |  | (0.1) | %
Foreign taxes | (0.2) | % |  | 4.0 | % |  | 2.7 | %
Branch profit tax | (0.1) | % |  | — | % |  | — | %
Other | (3.7) | % |  | 0.1 | % |  | (0.6) | %
Change in valuation allowance | (10.8) | % |  | (11.5) | % |  | 7.0 | %
Provision for income taxes | 0.8 | % |  | 5.4 | % |  | 8.3 | %
Significant components of our deferred tax assets and liabilities are as follows:
| December 31,
| 2021 |  | 2020
Deferred tax assets: |  |  |
Net operating loss carryforwards | $ | 132,836 |  |  | $ | 105,184 |
Accrued expenses | 2,274 |  |  | 468 |
Interest expense | 25,013 |  |  | 26,531 |
Operating lease liabilities | 23,504 |  |  | 10,119 |
Investment in Partnerships | 17,043 |  |  | — |
Other | 1,124 |  |  | 2,895 |
Total deferred tax assets | 201,794 |  |  | 145,197 |
Less valuation allowance | (142,541) |  |  | (98,091) |
Net deferred tax assets | 59,253 |  |  | 47,106 |
Deferred tax liabilities: |  |  |
Investment in partnerships | — |  |  | (13,759) |
Fixed assets and goodwill | (36,972) |  |  | (29,448) |
Operating lease right-of-use assets | (23,772) |  |  | (10,062) |
Net deferred tax liabilities | $ | (1,491) |  |  | $ | (6,163) |
Deferred tax assets and liabilities are reported net in Other assets or Other liabilities in the Consolidated Balance Sheets. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences become deductible. We have analyzed our deferred tax assets and have determined, based on the weight of available evidence, that it is more likely than not that a significant portion will not be realized. Accordingly, valuation allowances have been recognized as of December 31, 2021 and 2020 of $142.5 million and $98.1 million, respectively, related to certain deductible temporary differences and net operating loss carryforwards. A summary of the changes in the valuation allowance is as follows:
| December 31,
| 2021 |  | 2020
Valuation allowance at beginning of period | $ | 98,091 |  |  | $ | 79,176 |
Change due to current year losses | 44,458 |  |  | 18,915 |
Change due to current year releases | (8) |  |  | — |
Valuation allowance at end of period | $ | 142,541 |  |  | $ | 98,091 |
As of December 31, 2021, certain of our corporate subsidiaries had U.S. federal net operating loss carryforwards of approximately $459.3 million that are available to offset future taxable income. If not utilized, $169.0 million of these carryforwards will begin to expire in the year 2034, with $290.3 million of these carryforwards having no expiration date. As of December 31, 2021, we also had net operating loss carryforwards for Irish income tax purposes of $246.9 million, which can be carried forward indefinitely against future business income, and $1.9 million of net operating loss carryforwards for Malaysian income tax purposes, which will begin to expire in the year 2025. The utilization of the net operating loss carryforwards to reduce future income taxes will depend on the relevant corporate subsidiary's ability to generate sufficient taxable income prior to the expiration of the carryforward period, if any. In addition, the maximum annual use of net operating loss carryforwards may be limited after certain changes in stock ownership. As of and for the period ended December 31, 2021, we had not established a liability for uncertain tax positions as no such positions existed. In general, our tax returns and the tax returns of our corporate subsidiaries are subject to U.S. federal, state, local and foreign income tax examinations by tax authorities. Generally, we are not subject to examination by taxing authorities for tax years prior to 2018. We do not believe that it is reasonably possible that the total amount of unrecognized tax benefits will significantly change within 12 months of the reporting date.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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