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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Income (Loss) before Income Tax, Domestic and Foreign | The following table sets forth the components of the Company's (loss) income before income tax (expense) benefit:
| Years Ended December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
United States | $ | (31,483) |  |  | $ | (278,741) |  |  | $ | 68,706 |
Foreign | (34,515) |  |  | 18,197 |  |  | 30,269 |
Total (loss) income before income tax (expense) benefit | $ | (65,998) |  |  | $ | (260,544) |  |  | $ | 98,975 |
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) | 2024 |  | 2023 |  | 2022
Current tax (expense): |  |  |  |  |
Federal | $ | (5,316) |  |  | $ | (1,870) |  |  | $ | (42,065) |
State and local | (1,800) |  |  | (1,542) |  |  | (6,579) |
Foreign | (6,498) |  |  | (8,238) |  |  | (11,096) |
Total current tax (expense) | (13,614) |  |  | (11,650) |  |  | (59,740) |
Deferred tax benefit (expense): |  |  |  |  |
Federal | 5,748 |  |  | 7,789 |  |  | 9,096 |
State and local | (1,677) |  |  | (826) |  |  | (3,439) |
Foreign | 1,325 |  |  | 5,936 |  |  | 9,456 |
Total deferred tax benefit | 5,396 |  |  | 12,899 |  |  | 15,113 |
Total income tax (expense) benefit | $ | (8,218) |  |  | $ | 1,249 |  |  | $ | (44,627) |
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,
| 2024 |  | 2023 |  | 2022
Statutory federal tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Foreign rate differential | 5.7 | % |  | 0.3 | % |  | 0.1 | %
State and local taxes, net of federal tax benefit | (10.1) | % |  | (0.8) | % |  | 9.1 | %
Change in value of indemnification asset | — | % |  | (0.9) | % |  | (0.4) | %
Non-deductible executive compensation | (3.7) | % |  | (1.0) | % |  | 1.8 | %
Stock compensation | 0.2 | % |  | — | % |  | — | %
Non-deductible transaction costs | (1.8) | % |  | (0.2) | % |  | 0.1 | %
Change in federal and state valuation allowance | 5.2 | % |  | 0.1 | % |  | (0.7) | %
Change in unrecognized tax benefits (including FBOS) | (3.8) | % |  | 2.4 | % |  | 1.9 | %
Bargain purchase gain | — | % |  | — | % |  | (2.2) | %
Non-deductible goodwill impairment | (32.8) | % |  | (21.7) | % |  | 21.6 | %
Federal research and development credit | 3.2 | % |  | 0.6 | % |  | (1.4) | %
Foreign exchange | 2.2 | % |  | (0.1) | % |  | (0.4) | %
Other, net | 2.3 | % |  | 0.8 | % |  | (5.4) | %
Effective tax rate | (12.4) | % |  | 0.5 | % |  | 45.1 | %
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) | 2024 |  | 2023
Deferred tax assets |  |  |
Allowance for doubtful accounts | $ | 3,887 |  |  | $ | 4,405 |
Deferred and other compensation | 15,184 |  |  | 16,662 |
Capital investments | — |  |  | 3,790 |
Interest expense limitation | 21,677 |  |  | 9,680 |
Fixed assets and capitalized software | 27,781 |  |  | 14,786 |
Pension and other post-employment benefits | 10,578 |  |  | 18,805 |
Operating lease liability | 2,627 |  |  | 3,474 |
Reserve for facility exit costs | 4,719 |  |  | 4,812 |
Net operating loss and credit carryforwards (1) | 35,325 |  |  | 27,593 |
Non-compete and other agreements | 24,375 |  |  | 37,615 |
Goodwill and other intangible assets | 13,319 |  |  | 15,567 |
Other, net | 13,436 |  |  | 8,361 |
Total deferred tax assets | $ | 172,908 |  |  | $ | 165,550 |
Valuation allowance | (15,662) |  |  | (18,810) |
Net deferred tax assets | $ | 157,246 |  |  | $ | 146,740 |
Deferred tax liabilities |  |  |
Goodwill and other intangible assets | $ | — |  |  | $ | (2,587) |
Deferred costs | (1,754) |  |  | (3,368) |
Investment in subsidiaries | (4,193) |  |  | (4,489) |
Operating lease right-of-use assets | (5,323) |  |  | (5,582) |
Fixed assets and capitalized software | (2,889) |  |  | (1,099) |
Other, net | — |  |  | (2,676) |
Total deferred tax (liabilities) | $ | (14,159) |  |  | $ | (19,801) |
Net deferred tax asset | $ | 143,087 |  |  | $ | 126,939 |
(1) For the year ended December 31, 2024, the Company had gross federal net operating loss carryforwards of $83.8 million, subject to an annual Section 382 limitation of $0.4 million. The Company also had net operating loss and credit carryforward deferred tax assets of $17.8 million and $20.9 million for the years ended December 31, 2024 and 2023, respectively, for state income tax purposes, which will begin to expire in 2025. Additionally, $1.1 million o f the state net operating loss carryforward deferred tax asset is subject to a Section 382 limitation of $0.4 million.
Schedule of Deferred Tax asset Valuation Allowance | The following table sets forth changes in the Company’s valuation allowance:
(in thousands) | 2024 |  | 2023
Balance at beginning of period | $ | 18,810 |  |  | $ | 21,109 |
Net change in valuation allowance | (3,148) |  |  | (2,299) |
Balance at end of period | $ | 15,662 |  |  | $ | 18,810 |
Schedule of Unrecognized Tax Benefits RollForward | The following table reflects changes to and balances of the Company's unrecognized tax benefits:
(in thousands) | 2024 |  | 2023 |  | 2022
Balance at beginning of period | $ | 17,140 |  |  | $ | 21,443 |  |  | $ | 20,834 |
Gross additions for tax positions related to the current year | 774 |  |  | 624 |  |  | 423 |
Gross additions for tax positions related to prior years | 150 |  |  | 201 |  |  | 332 |
Gross reductions for tax positions related to prior years | — |  |  | (5,128) |  |  | — |
Gross reductions for tax positions related to the lapse of applicable statute of limitations | — |  |  | — |  |  | (146) |
Balance at end of period | $ | 18,064 |  |  | $ | 17,140 |  |  | $ | 21,443 |

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