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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule of Income before Income Tax, Domestic and Foreign | Income from continuing operations before income taxes for the years ended December 31, 2022, 2021 and 2020 was as follows (in thousands):
| Years Ended December 31,
| 2022 |  | 2021 |  | 2020
Domestic | $ | 7,772 |  |  | $ | 80,655 |  |  | $ | 49,673 |
Foreign | 91,141 |  |  | 80,429 |  |  | 102,783 |
Income before income taxes | $ | 98,913 |  |  | $ | 161,084 |  |  | $ | 152,456 |
Provision for Income Tax | Income tax expense (benefit) related to continuing operations consisted of the following (in thousands):
| Years Ended December 31,
| 2022 |  | 2021 |  | 2020
Current: |  |  |  |  |
Federal | $ | 13,327 |  |  | $ | 22,368 |  |  | $ | 5,831 |
State | 1,941 |  |  | 1,445 |  |  | 923 |
Foreign | 12,669 |  |  | 9,496 |  |  | 17,756 |
Total current | 27,937 |  |  | 33,309 |  |  | 24,510 |
Deferred: |  |  |  |  |
Federal | (5,851) |  |  | (4,902) |  |  | (151) |
State | (1,359) |  |  | 3,575 |  |  | 762 |
Foreign | 5,472 |  |  | 7,928 |  |  | 4,922 |
Total deferred | (1,738) |  |  | 6,601 |  |  | 5,533 |
Income tax expense | $ | 26,199 |  |  | $ | 39,910 |  |  | $ | 30,043 |
Reconciliation of Statutory Federal Income Tax Rate with Effective Income Tax Rate | A reconciliation of the statutory federal income tax rate with Consensus’ effective income tax rate is as follows:
| Years Ended December 31,
| 2022 |  | 2021 |  | 2020
Statutory tax rate | 21 | % |  | 21 | % |  | 21 | %
State income taxes, net | 1.2 |  |  | 2.9 |  |  | 0.9 |
Foreign rate differential | (1.8) |  |  | (0.1) |  |  | (2.8) |
Foreign income inclusion | 6.3 |  |  | 4.9 |  |  | 4.3 |
Foreign tax credit | (3.6) |  |  | (4.0) |  |  | (3.5) |
Reserve for uncertain tax positions | 2.1 |  |  | 0.5 |  |  | 0.1 |
Impact on deferred taxes of enacted tax law and rate changes | 0.1 |  |  | — |  |  | — |
Tax credits and incentives | (2.4) |  |  | (0.1) |  |  | (0.1) |
Executive compensation | 3.1 |  |  | 0.2 |  |  | — |
Return to provision adjustments | 0.8 |  |  | — |  |  | 1.3 |
Other | (0.3) |  |  | (0.5) |  |  | (1.4) |
Effective tax rates | 26.5 | % |  | 24.8 | % |  | 19.8 | %
Deferred Tax Assets and Liabilities | Temporary differences and carryforwards which give rise to deferred tax assets and liabilities are as follows (in thousands):
| Years Ended December 31,
| 2022 |  | 2021
Deferred tax assets: |  |  |
Net operating loss carryforwards | $ | 44 |  |  | $ | 48 |
Tax credit carryforwards | 503 |  |  | 173 |
Accrued expenses | 3,586 |  |  | 2,669 |
Allowance for bad debt | 1,414 |  |  | 860 |
Share-based compensation expense | 611 |  |  | 245 |
Basis difference in intangibles | 20,056 |  |  | 30,887 |
Basis difference in developed software | 1,089 |  |  | — |
Deferred revenue | 425 |  |  | — |
Operating lease | 4,269 |  |  | 4,196 |
State taxes | 187 |  |  | 135 |
Section 163(j) interest limitation | 5,521 |  |  | 1,144 |
Other | 974 |  |  | 1,530 |
| $ | 38,679 |  |  | $ | 41,887 |
Less: valuation allowance | (45) |  |  | (45) |
Total deferred tax assets | $ | 38,634 |  |  | $ | 41,842 |
Deferred tax liabilities: |  |  |
Basis difference in property and equipment | $ | (487) |  |  | $ | (3,304) |
ROU asset | (1,987) |  |  | (1,773) |
Prepaid insurance | (907) |  |  | (312) |
Other | — |  |  | (638) |
Total deferred tax liabilities | $ | (3,381) |  |  | $ | (6,027) |
Net deferred tax assets | $ | 35,253 |  |  | $ | 35,815 |
Reconciliation of Unrecognized Tax Benefits | The aggregated changes in the balance of unrecognized tax benefits, which excludes interest and penalties, for 2022, 2021 and 2020, is as follows (in thousands):
| Years Ended December 31,
| 2022 |  | 2021 |  | 2020
Beginning balance | $ | 3,735 |  |  | $ | 3,050 |  |  | $ | 3,015 |
Decreases related to tax positions taken during a prior year | (863) |  |  | — |  |  | — |
Increases related to tax positions taken in the current year | 2,870 |  |  | 685 |  |  | 35 |
Decreases related to expiration of statute of limitations | — |  |  | — |  |  | — |
Ending balance | $ | 5,742 |  |  | $ | 3,735 |  |  | $ | 3,050 |

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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI https://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319 + Details
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