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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2019
Income Taxes |
Schedule of components of income (loss) before income taxes |
|  | Year Ended December 31,
|  | 2019 |  | 2018 |  | 2017
Pre-IPO Domestic |  | $ | — |  | $ | 13,370 |  | $ | 65,023
Post-IPO Domestic |  |  | 173,039 |  |  | 146,620 |  |  | —
Pre-IPO Foreign |  |  | — |  |  | 512 |  |  | 3,073
Post-IPO Foreign |  |  | 15,284 |  |  | 9,299 |  |  | —
Income before income taxes |  | $ | 188,323 |  | $ | 169,801 |  | $ | 68,096
Schedule of provision for income taxes |
|  | Year Ended December 31,
|  | 2019 |  | 2018 |  | 2017
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 1,088 |  | $ | — |  | $ | —
State |  |  | 1,408 |  |  | 1,172 |  |  | 594
Foreign |  |  | 4,121 |  |  | 3,147 |  |  | 735
Total current income taxes |  |  | 6,617 |  |  | 4,319 |  |  | 1,329
Deferred: |  |  |  |  |  |  |  |  |
Federal |  |  | 14,853 |  |  | 12,589 |  |  | —
State |  |  | 10,681 |  |  | 1,992 |  |  | —
Foreign |  |  | (131) |  |  | 620 |  |  | 220
Total deferred income taxes |  |  | 25,403 |  |  | 15,201 |  |  | 220
Total provision for income taxes |  | $ | 32,020 |  | $ | 19,520 |  | $ | 1,549
Schedule of effective income tax rate reconciliation |
|  | Year Ended December 31,
|  | 2019 |  | 2018 |  | 2017
Income taxes at 21% (35% for 2017) statutory tax rate |  | $ | 39,548 |  | $ | 35,658 |  | $ | 23,834
Net difference resulting from: |  |  |  |  |  |  |  |  |
Profit of Cactus LLC pre-IPO not subject to U.S. federal tax |  |  | — |  |  | (2,808) |  |  | (22,758)
Profit of non-controlling interest not subject to U.S. federal tax |  |  | (15,477) |  |  | (18,570) |  |  | —
Foreign income taxes (net of foreign tax credit) |  |  | 364 |  |  | 828 |  |  | (302)
State income taxes (excluding rate change) |  |  | 4,887 |  |  | 2,746 |  |  | 594
Impact of change in forecasted state income tax rate |  |  | 5,774 |  |  | — |  |  | —
Foreign withholding taxes |  |  | 988 |  |  | 1,056 |  |  | 220
Change in valuation allowance |  |  | (3,888) |  |  | 733 |  |  | (39)
Other |  |  | (176) |  |  | (123) |  |  | —
Total provision for income taxes |  | $ | 32,020 |  | $ | 19,520 |  | $ | 1,549
Schedule of components of deferred tax assets and liabilities |
|  | December 31,
|  | 2019 |  | 2018
Investment in Cactus LLC |  | $ | 234,629 |  | $ | 181,390
Net operating loss carryforwards |  |  | — |  |  | 619
Imputed interest |  |  | 10,323 |  |  | 7,445
Tax credits |  |  | 1,479 |  |  | 1,988
Other |  |  | 155 |  |  | 144
Deferred tax assets |  |  | 246,586 |  |  | 191,586
Valuation allowance |  |  | (24,041) |  |  | (32,533)
Deferred tax asset, net |  | $ | 222,545 |  | $ | 159,053
Foreign withholding taxes |  | $ | 1,054 |  | $ | 1,036
Other |  |  | 294 |  |  | —
Deferred tax liability, net |  | $ | 1,348 |  | $ | 1,036

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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