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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Schedule of Income before Income Tax, Domestic and Foreign | The following table sets forth the components of the Company's income before income tax (expense) benefit:
| Years Ended December 31,
(in thousands) | 2021 |  | 2020 |  | 2019
United States | $ | 168,965 |  |  | $ | 41,238 |  |  | $ | 53,566 |
Foreign | (34,651) |  |  | — |  |  | — |
Total income before income tax (expense) benefit | $ | 134,314 |  |  | $ | 41,238 |  |  | $ | 53,566 |
Schedule of Components of Income Tax Expense (Benefit) | The following table sets forth the components of the Company's income tax (expense) benefit:
| Years Ended December 31,
(in thousands) | 2021 |  | 2020 |  | 2019
Current tax (expense): |  |  |  |  |
Federal | $ | (31,690) |  |  | $ | (30,277) |  |  | $ | (37,319) |
State and local | (5,852) |  |  | (7,213) |  |  | (5,861) |
Foreign | (14,494) |  |  | — |  |  | — |
Total current tax (expense) | (52,036) |  |  | (37,490) |  |  | (43,180) |
Deferred tax (expense) benefit: |  |  |  |  |
Federal | (4,378) |  |  | 101,613 |  |  | 32,327 |
State and local | 2,560 |  |  | 43,860 |  |  | (7,209) |
Foreign | 21,117 |  |  | — |  |  | — |
Total deferred tax benefit | 19,299 |  |  | 145,473 |  |  | 25,118 |
Total income tax (expense) benefit | $ | (32,737) |  |  | $ | 107,983 |  |  | $ | (18,062) |
Schedule of Effective Income Tax Rate Reconciliation | The following table sets forth the principal reasons for the differences between the effective income tax rate and the statutory federal income tax rate for the Company:
| Years Ended December 31,
| 2021 |  | 2020 |  | 2019
Statutory federal tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Foreign rate differential | (3.6) | % |  | — | % |  | — | %
Impact of non-US taxing jurisdictions, net | 0.8 | % |  | — | % |  | — | %
State and local taxes, net of federal tax benefit | 4.3 | % |  | 7.4 | % |  | 2.7 | %
Change in value of indemnification asset | — | % |  | 2.8 | % |  | 1.6 | %
Non-deductible executive compensation | 1.0 | % |  | 3.5 | % |  | — | %
Stock compensation | (0.5) | % |  | 4.4 | % |  | — | %
Non-deductible transaction costs | 4.2 | % |  | 4.9 | % |  | 0.8 | %
Change in federal and state valuation allowance | (2.3) | % |  | (256.0) | % |  | 1.9 | %
Change in unrecognized tax benefits (including FBOS) | (1.4) | % |  | (48.7) | % |  | 5.3 | %
Other, net | 0.9 | % |  | (1.2) | % |  | 0.4 | %
Effective tax rate | 24.4 | % |  | (261.9) | % |  | 33.7 | %
Schedule of Deferred Tax Assets and Liabilities | The following table sets forth the significant components of the Company's deferred income tax assets and liabilities:
| Years Ended December 31,
(in thousands) | 2021 |  | 2020
Deferred tax assets |  |  |
Allowance for doubtful accounts | $ | 5,099 |  |  | $ | 9,979 |
Deferred and other compensation | 13,956 |  |  | 10,636 |
Capital investments | 3,795 |  |  | 3,790 |
Debt, capitalized fees, and other interest | 329 |  |  | 2,291 |
Pension and other post-employment benefits | 37,569 |  |  | 51,231 |
Operating lease liability | 9,726 |  |  | 7,539 |
Reserve for facility exit costs | 5,070 |  |  | 7,053 |
Net operating loss and credit carryforwards (1) | 26,522 |  |  | 28,611 |
Fixed assets and capitalized software | — |  |  | 420 |
Non-compete and other agreements | 40,335 |  |  | 46,213 |
Goodwill and other intangible assets | — |  |  | 8,335 |
Other, net | 6,435 |  |  | 8,566 |
Total deferred tax assets | $ | 148,836 |  |  | $ | 184,664 |
Valuation allowance | (21,338) |  |  | (24,307) |
Net deferred tax assets | $ | 127,498 |  |  | $ | 160,357 |
Deferred tax liabilities |  |  |
Deferred revenue | $ | (21,033) |  |  | $ | (46,501) |
Goodwill and other intangible assets | (6,764) |  |  | — |
Deferred costs | (2,254) |  |  | (3,003) |
Investment in subsidiaries | (4,828) |  |  | (5,466) |
Operating lease right-of-use assets | (7,572) |  |  | (9,362) |
Fixed assets and capitalized software | (2,466) |  |  | — |
Other, net | (2,814) |  |  | (3,434) |
Total deferred tax (liabilities) | $ | (47,731) |  |  | $ | (67,766) |
Net deferred tax asset | $ | 79,767 |  |  | $ | 92,591 |
(1) At December 31, 2021 and 2020, the Company had net operating loss and credit carryforwards of $26.5 million and $28.6 million, respectively, for state income tax purposes, which will begin to expire in 2023.
Summary of Valuation Allowance | The following table sets forth changes in the Company’s valuation allowance:
(in thousands) | 2021 |  | 2020
Balance at beginning of period | $ | 24,307 |  |  | $ | 126,321 |
Net change in valuation allowance | (2,969) |  |  | (102,014) |
Balance at end of period | $ | 21,338 |  |  | $ | 24,307 |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table reflects changes to and balances of the Company's unrecognized tax benefits:
(in thousands) | 2021 |  | 2020 |  | 2019
Balance at beginning of period | $ | 23,703 |  |  | $ | 48,305 |  |  | $ | 48,469 |
Gross reductions for tax positions related to prior years | — |  |  | (22,186) |  |  | — |
Gross reductions for tax positions related to the lapse of applicable statute of limitations | (2,869) |  |  | (2,416) |  |  | (164) |
Balance at end of period | $ | 20,834 |  |  | $ | 23,703 |  |  | $ | 48,305 |

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