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Income Taxes and Tax Receivable Agreement (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Earnings Used To Compute Income Taxes

Total Company earnings used to compute income taxes is as follows (in thousands):

			For the period from September 23, to December 31,
			2021
Pre-tax earnings of the Company			$	25,940
Earnings allocable to NCI (not allocable to the Company)			(24,728)
Pre-tax earnings of Brilliant Earth, Inc.			1,212
Income tax benefit recognized by Brilliant Earth, Inc.			316
After tax earnings of Brilliant Earth Group, Inc.			$	1,528

Schedule of Components of Income Tax Expense (Benefit)

The components of the benefit from income taxes are as follows as of December 31, 2021:

			December 31, 2021
Current tax benefit
Federal			$	—
State			—
Total current income tax benefit			—
Deferred tax benefit
Federal			(259)
State			(57)
Total deferred income tax benefit			(316)
Benefit from income taxes			$	(316)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the expected federal statutory rate of 21.0% to the effective rate is as follows (amount in thousands):

			Tax effect						Rate
Brilliant Earth Group, Inc. expected tax expense at statutory rate			$	255					21.0%
Less: equity interest in earnings of subsidiary not taxable (permanent difference)			(272)						(22.4)%
Brilliant Earth Group, Inc. level pre-tax loss as adjusted for tax			(17)						(1.4)%
Loss from investee per K-1 (inside basis difference)			(148)						(12.2)%
Loss from step up in outside basis			(151)						(12.5)%
Income tax benefit at effective rate			$	(316)					(26.1)%

Schedule of Deferred Tax Assets and Liabilities

As of December 31, 2021, the components of deferred tax assets are as follows (in thousands):

			December 31,
			2021
Deferred tax assets
Outside basis difference in investment			$	4,091
Net operating loss carryforwards			316
Net deferred tax asset			$	4,407

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Earnings Used To Compute Income Taxes

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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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.

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-SubTopic 10
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