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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Components of Income before Income Taxes

The components of income (loss) before income taxes and equity in earnings are as follows:

			Year Ended December 31,
			2021						2020						2019
			(in thousands)
Domestic			$	61,045					$	18,012					$	(21,311)
Foreign			(24,665)						(12,463)						(22,462)
Total income (loss) before income taxes and equity in earnings			$	36,380					$	5,549					$	(43,773)

Provision for Income Taxes

The provision for income taxes (before equity in earnings) consists of:

			Year Ended December 31,
			2021						2020						2019
			(in thousands)
Current:
Federal			$	10,361					$	8,522					$	906
State and local			3,558						2,540						884
Foreign			823						665						392
Deferred			1,799						(1,861)						(1,073)
Income tax provision			$	16,541					$	9,866					$	1,109

Significant Components of Net Deferred Income Tax Asset (Liability)

Significant components of the Company’s deferred income tax assets and (liabilities) are as follows:

			December 31,
			2021						2020
			(in thousands)
Deferred income tax assets:
Operating lease liabilities			$	26,158					$	27,502
Stock options			1,825						2,178
Inventory			2,612						2,438
Operating loss carryforwards			15,684						9,894
Accounts receivable allowances			1,696						1,461
Accrued compensation			1,310						1,839
Deferred compensation			1,167						1,310
Other			1,536						3,061
Total deferred income tax assets			$	51,988					$	49,683
Deferred income tax liabilities:
Operating lease right-of-use assets			$	(21,857)					$	(23,127)
Fixed assets			(1,784)						(1,920)
Intangibles			(26,117)						(28,447)
Total deferred income tax liabilities			(49,758)						(53,494)
Net deferred income tax asset (liability)			2,230						(3,811)
Valuation allowance			(15,072)						(6,903)
Net deferred income tax liability			$	(12,842)					$	(10,714)

Difference between Provision for Income Taxes and Amount Computed by Applying Federal Statutory Rates

The provision for income taxes (before equity in earnings) differs from the amounts computed by applying the applicable federal statutory rates as follows:

			Year Ended December 31,
			2021						2020						2019
Federal income taxes at the statutory rate			21.0		%				21.0		%				21.0		%
Increases (decreases):
State and local income taxes, net of Federal income tax benefit			8.8						38.9						(1.7)
Foreign rate differences			(8.0)						(43.9)						2.1
Impairment of goodwill (1)			—						65.5						(20.8)
Non-deductible expenses			3.3						16.4						(1.2)
Uncertain tax positions			0.1						4.0						(0.3)
Research and development credit			(1.1)						(7.2)						1.4
Federal return to provision			(0.4)						6.8						0.4
Loss of Filament pre-acquisition attributes due to CARES Act			—						8.6						—
Equity-based compensation			(0.6)						19.4						—
Valuation Allowance			22.4						48.3						(3.1)
Other			—						—						(0.3)
Provision for income taxes			45.5		%				177.8		%				(2.5)		%

(1)In 2019, the rate for the impairment of goodwill was (20.8)% due to a pretax loss position.

Estimated Values of Gross Uncertain Tax Positions

The estimated values of the Company’s gross uncertain tax positions at December 31, 2021, 2020 and 2019 are liabilities of $1.1 million, $1.6 million and $1.5 million, respectively, and consist of the following:

			Year Ended December 31,
			2021						2020						2019
			(in thousands)
Balance at January 1			$	(1,648)					$	(1,508)					$	(1,975)
Additions based on tax positions related to the current year			(49)						(149)						(29)
Reductions for tax position of prior years			626						9						496
Balance at December 31			$	(1,071)					$	(1,648)					$	(1,508)

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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.

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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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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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