XML 26 R16.htm IDEA: XBRL DOCUMENT v3.22.2.2
INCOME TAXES
 9 Months Ended
Sep. 30, 2022
Income Tax Disclosure [Abstract]  
INCOME TAXES

10.  INCOME TAXES
 
The current and deferred components of the income tax provision included in the Consolidated Statements of Operations are as follows:
 
   
Three Months Ended September 30,
    
Nine Months Ended September 30,
  
   
2022
    
2021
    
2022
    
2021
  
Current:
                        
Cayman Islands
  
$
—
    
$
—
    
$
—
    
$
—
  
United States:
                                
Federal
    
247
      
336
      
581
      
793
  
State and local
    
(437
)
    
54
      
69
      
218
  
Non-U.S.
    
3
      
32
      
(12
)
    
49
  
Total current (benefit) provision
    
(187
)
    
422
      
638
      
1,060
  
Deferred:
                                
Cayman Islands
  
$
—
    
$
—
    
$
—
    
$
—
  
United States:
                                
Federal
    
3,029
      
45
      
4,560
      
45
  
State and local
    
346
      
14
      
608
      
14
  
Non-U.S.
    
630
      
19
      
1,446
      
(82
)
Total deferred provision (benefit)
    
4,005
      
78
      
6,614
      
(23
)
Total
  
$
3,818
    
$
500
    
$
7,252
    
$
1,037
  

The Company is an exempted entity domiciled in the Cayman Islands where income taxes are not imposed. The Company is considered a Passive Foreign Investment Company for U.S. income tax purposes and certain income taxes are imposed on our owners. 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.
 
Our effective tax rate differs from the U.S. federal tax rate of 21% primarily due to a significant portion of our income not being subject to U.S. corporate tax rates, or being deemed to be foreign sourced and thus either not taxable or taxable at effectively lower tax rates.
 
As of and for the nine months ended September 30, 2022, 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.