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INCOME TAX PROVISION (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income (loss) before income taxes

Income (loss) before income taxes was comprised of the following for the years ended December 31:

(in thousands)						2021						2020						2019
U.S.						$	62,361					$	7,130					$	(191,843)
Foreign						31,442						19,673						(23,897)
Income (loss) income before income taxes						$	93,803					$	26,803					$	(215,740)

Components of income tax provision

The components of the income tax provision were as follows for the years ended December 31:

(in thousands)						2021						2020						2019
Current tax provision:
Federal						$	(61)					$	17,643					$	36,967
State						2,389						4,502						7,400
Foreign						10,945						4,779						4,850
Total current tax provision						13,273						26,924						49,217
Deferred tax provision:
Federal						15,889						(4,480)						(35,154)
State						1,958						(1,232)						(8,239)
Foreign						(89)						256						2,215
Total deferred tax provision						17,758						(5,456)						(41,178)
Income tax provision						$	31,031					$	21,468					$	8,039

Effective tax rate reconciliation

The effective tax rate on pretax income (loss) reconciles to the U.S. federal statutory tax rate for the years ended December 31 as follows:

						2021						2020						2019
Income tax at federal statutory rate						21.0		%				21.0		%				21.0		%
Goodwill impairment charges (Note 8)						—						46.8		%				(25.6		%)
Tax on repatriation of foreign earnings						4.9		%				—						—
State income tax expense, net of federal income tax benefit						2.4		%				2.1		%				4.7		%
Foreign tax rate differences						1.7		%				4.3		%				1.1		%
Non-deductible executive compensation						1.7		%				2.2		%				(0.6		%)
Non-deductible acquisition costs						1.5		%				—						—
Tax impact of share-based compensation						0.9		%				8.5		%				(1.0		%)
Payables and receivables for prior year tax returns						0.2		%				3.2		%				0.2		%
Change in valuation allowances(1)						0.1		%				0.9		%				(3.9		%)
Research and development tax credit						(0.9		%)				(3.7		%)				0.5		%
Change in unrecognized tax benefits, including interest and penalties						(0.6		%)				(3.3		%)				(0.2		%)
Non-taxable income from employee life insurance policies						(0.3		%)				(1.1		%)				0.1		%
Return to provision adjustments						—						(2.6		%)				0.3		%
Other						0.5		%				1.8		%				(0.3		%)
Effective tax rate						33.1		%				80.1		%				(3.7		%)

(1) During the quarter ended September 30, 2019, we recorded asset impairment charges related to certain intangible assets located in Australia (Note 8). As a result, we placed a full valuation allowance on the intangible-related deferred tax asset of $8,432, as we do not expect that we will realize the benefit of this deferred tax asset.

Rollforward of unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding accrued interest and penalties and the federal benefit of deductible state income tax, was as follows:

(in thousands)						2021						2020						2019
Balance, beginning of year						$	3,361					$	4,169					$	4,801
Additions for tax positions of current year						169						237						364
Additions for tax positions of prior years						8						30						546
Reductions for tax positions of prior years						(673)						(414)						(887)
Settlements						—						—						(341)
Lapse of statutes of limitations						(314)						(661)						(314)
Balance, end of year						$	2,551					$	3,361					$	4,169

Deferred tax assets and liabilities

Tax-effected temporary differences that gave rise to deferred tax assets and liabilities as of December 31 were as follows:

						2021												2020
(in thousands)						Deferred tax assets						Deferred tax liabilities						Deferred tax assets						Deferred tax liabilities
Intangible assets						$	—					$	37,170					$	26,686					$	—
Goodwill						—						21,190						—						13,694
Cloud computing arrangements						—						16,646						—						7,532
Employee benefit plans						—						10,093						—						7,140
Prepaid assets						—						4,844						—						3,456
Revenue recognition						—						5,496						—						2,659
Operating leases						18,388						14,996						11,202						9,043
Deductible interest carryforward						8,352						—						—						—
Net operating loss, tax credit and capital loss carryforwards						8,083						—						7,026						—
Reserves and accruals						7,320						—						5,848						—
Payroll tax deferral under the CARES Act						2,175						—						3,692						—
Inventories						1,661						—						4,153						—
Property, plant and equipment						1,347						—						—						3,366
All other						3,780						2,619						4,003						3,026
Total deferred taxes						51,106						113,054						62,610						49,916
Valuation allowances						(10,993)						—						(11,453)						—
Net deferred taxes						$	40,113					$	113,054					$	51,157					$	49,916

Rollforward of deferred income tax valuation allowances

Changes in our valuation allowances for the years ended December 31 were as follows:

(in thousands)						2021						2020						2019
Balance, beginning of year						$	(11,453)					$	(10,349)					$	(1,689)
Expense from change in allowances						(65)						(244)						(8,336)
Foreign currency translation						525						(860)						(324)
Balance, end of year						$	(10,993)					$	(11,453)					$	(10,349)

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