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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Provisions

Details of income tax provisions and deferred income taxes are provided in the following tables:

			Year Ended December 31,
			2021						2020						2019
Federal income tax provision (benefit)			(in thousands)
Current			$	—					$	—					$	—
Deferred			(935)						—						—
State income tax provision (benefit)
Current			629						14						28
Deferred			—						—						—
Total income tax provision (benefit)			$	(306)					$	14					$	28

Schedule of Effective Income Tax Rate Reconciliation

The difference between the statutory federal income tax rate and the Company's effective income tax rate is explained as follows:

			Year Ended December 31,
			2021						2020						2019
Federal income taxes statutory rate			21.0		%				—		%				—		%
Increase (decrease) in rate as a result of:
State current income tax provision, net of federal benefit			(0.1)		%				—		%				—		%
Permanent adjustments (1)			(1.7)		%				—		%				—		%
Income attributable to Predecessor that was not subject to corporate income tax (2)			(18.4)		%				—		%				—		%
Income attributable to noncontrolling interests			(0.7)		%				—		%				—		%
Effective income tax rate			0.1		%				—		%				—		%

(1)During the year ended December 31, 2021, the permanent items primarily related to disallowed officer compensation under Section 162(m) of the Internal Revenue Code.

(2)    During the year ended December 31, 2021, the income attributable to Predecessor was not subject to corporate income tax as we were organized as limited liability companies and limited partnerships that were treated as flow-through entities for U.S federal income tax purposes prior to the Merger Transactions.

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company's deferred income taxes were as follows:

			Year Ended December 31,
			2021						2020
Deferred tax liabilities			(in thousands)
Outside Basis in OpCo			$	98,079					$	—
Deferred tax assets
Federal and state NOL (1)			38,317						—
Federal and state NOL valuation allowance			(30,567)						—
Recognized built-in loss carryforward			6,872						—
Other			920						—
Total deferred tax assets, net of valuation allowance			15,542						—
Net deferred income tax liability			$	82,537					$	—

(1)We have Federal NOLs of $1.9 million, net of tax, that have expiration dates beginning in 2026. We also have NOLs of $36.4 million, net of tax, that were generated after 2017 and have indefinite lives but are limited to offsetting 80% of taxable income in a given tax year.

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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