XML 257 R244.htm IDEA: XBRL DOCUMENT v3.22.2.2

INCOME TAX (Tables)

11 Months Ended

12 Months Ended

Dec. 31, 2021

Dec. 31, 2021

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

​

​	​	​	​	​	​	​
(Thousands)		December 31, 2021			December 31, 2020
Deferred tax assets	​	​	​	​	​	​
Liabilities and reserves	​	$	3,501	​	$	3,471
Interest limitation	​	​	8,884	​	​	4,906
Net operating losses	​	​	8,850	​	​	8,049
Transaction expenses	​	​	79	​	​	187
Inventories	​	​	—	​	​	630
Other	​	​	711	​	​	789
Total	​	​	22,025	​	​	18,032
Valuation allowance	​	​	(1,145)	​	​	(513)
Total deferred tax assets, net	​	$	20,880	​	$	17,519
Deferred tax liabilities	​	​	​	​	​	​
Property, plant and equipment	​	$	(10,581)	​	$	(10,501)
Intangible assets	​	​	(29,221)	​	​	(30,699)
Derivatives	​	​	(4,451)	​	​	(2,426)
Inventories	​	​	(2,035)	​	​	—
Other	​	​	(107)	​	​	(205)
Total	​	​	(46,395)	​	​	(43,831)
Net deferred tax liability	​	$	(25,515)	​	$	(26,312)

Income Tax Provision

​

​	​	​	​	​	​	​
​	​	Year Ended		​	Year Ended
(Thousands)		December 31, 2021			December 31, 2020
Current expense (benefit)	​	​	​	​	​	​
Federal	​	$	—	​	$	—
State	​	​	179	​	​	201
Foreign	​	​	(99)	​	​	510
Total current	​	​	80	​	​	711
Deferred expense (benefit)	​	​	​	​	​	​
Federal	​	​	(4,617)	​	​	(15,230)
State	​	​	(901)	​	​	(3,003)
Foreign	​	​	2,070	​	​	(23)
Total deferred	​	​	(3,448)	​	​	(18,256)
Income tax expense (benefit)	​	$	(3,368)	​	$	(17,545)

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

​

​	​	​	​	​	​	​
​	​	Year Ended		​	Year Ended
(Thousands)		December 31, 2021			December 31, 2020
Income tax expense (benefit) at US statutory income tax rate	​	$	(5,182)	​	$	(30,746)
State income tax expense (benefit), net of federal benefit	​	​	(773)	​	​	(2,844)
Foreign rate differential	​	​	(304)	​	​	(179)
Goodwill impairment	​	​	—	​	​	16,624
Global intangible low-taxed income (“GILTI”) inclusion	​	​	1,095	​	​	22
Transaction costs	​	​	260	​	​	507
Other permanent differences	​	​	78	​	​	136
Step-up on C Corp conversion	​	​	—	​	​	(1,578)
Change in valuation allowance	​	​	632	​	​	513
Provision to return adjustments	​	​	(166)	​	​	—
Effect of change in foreign tax rates	​	​	1,181	​	​	—
Other	​	​	(189)	​	​	—
Income tax benefit	​	$	(3,368)	​	$	(17,545)
Effective tax rate	​	​	13.6%	​	​	12.0%

CIK 0001846136 Riverview Acquisition Corp

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

​

​	​	​	​
​		December 31,
​	​	2021
Deferred tax assets		​
Net operating loss carryforward	​	$	31,111
Startup/Organization Expenses	​		149,455
Unrealized gain/loss – Trust	​		(2,137)
Total deferred tax assets	​		178,429
Valuation Allowance	​	​	(178,429)
Deferred tax assets, net	​	$	—

Income Tax Provision

​

​	​	​	​
​		December 31,
​	​	2021
Federal		​
Current	​	$	—
Deferred	​		(178,429)
​	​	​	​
State and Local	​
Current	​		—
Deferred	​		—
​	​	​	​
Change in valuation allowance	​		178,429
​	​	​	​
Income tax provision	​	$	—

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

​

​	​	​	​
​		December 31,
​	​	2021
Statutory federal income tax rate		21.0	%
State taxes, net of federal tax benefit		0.0	%
Change in fair value of warrants		(28.5)	%
Change in fair value of over-allotment liability		(0.4)	%
Transaction costs		4.8	%
Meals and entertainment		0.0	%
Valuation allowance		3.1	%
Income tax provision		0.0	%

X

- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Details

Name:	dei_LegalEntityAxis=wch_Cik0001846136RiverviewAcquisitionCorpMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type: