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Income Taxes | 12 Months Ended
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Dec. 31, 2021
Income Taxes [Abstract] |
Income Taxes | NOTE 10 - INCOME TAXES Income before income taxes includes the following: (Dollars in thousands) 2021 2020 2019United States $ (35,835) $ (56,709) $ (11,539)Foreign 76,335 (13,666) 13,081Income (loss) before income taxes and equity earnings of unconsolidated joint ventures $ 40,500 $ (70,375) $ 1,542Equity earnings of unconsolidated joint ventures: United States — — —Foreign 258 (449) 792Income (loss) before income taxes $ 40,758 $ (70,824) $ 2,334 Significant components of the provision for income taxes are as follows: (Dollars in thousands) 2021 2020 2019Current income tax expense (benefit) Federal $ (5,727) $ 349 $ 239State (6,426) 424 391Foreign 17,217 (2,233) 5,648Total 5,064 (1,460) 6,278Deferred income tax expense (benefit) Federal (119) (3,263) 17,277State (32) (5) 6,204Foreign 1,031 (239) (922)Total 880 (3,507) 22,559Total income tax expense (benefit) $ 5,944 $ (4,967) $ 28,837 Deferred income taxes reflect the “temporary differences” between the financial statement carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, adjusted by the relevant tax rate. The components of the deferred tax assets and liabilities are as follows: December 31,(Dollars in thousands) 2021 2020Deferred Tax Assets: Net operating loss carry-forwards $ 18,917 $ 21,498Foreign Tax Credit 3,743 3,743Compensation and employee benefits 3,539 3,255Deferred revenue 2,642 2,552Accrued expenses 8,646 9,691Accrued taxes — 2,313Lease obligations 69,342 64,859Land and property 958 4,842Total Deferred Tax Assets 107,787 112,753Deferred Tax Liabilities: Lease liabilities (63,293) (60,886)Accrued taxes (523) —Intangibles (396) (429)Other (461) (1,020)Total Deferred Tax Liabilities (64,673) (62,335)Net deferred tax assets before valuation allowance 43,114 50,418Valuation allowance (40,894) (47,056)Net deferred tax asset $ 2,220 $ 3,362 We record net deferred tax assets to the extent we believe these assets will more-likely-than-not be realized. In making such determination, we considered all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial performance. As of December 31, 2021, based on all available evidence, we believe the U.S. and state deferred tax assets do not support a conclusion of being more-likely-than-not to be realized. The New Zealand loss carry-forwards became more-likely-than-not to be realized. Accordingly, we recorded a decrease to valuation allowance of $ 6.2 million. We reassess the valuation allowance quarterly and a tax benefit is recorded if future evidence allows for a partial or full release of the valuation allowance. As of December 31, 2021, we had the following carry-forwards:approximately $46.5 million in Federal loss carry-forwards with no expiration date;approximately $34.8 million in California loss carry-forwards expiring in 2041;approximately $25.5 million in Hawaii loss carry-forwards expiring in 2041;approximately $1.7 million in New Jersey state loss carry-forwards expiring in 2041;approximately $51.1 million in New York state loss carry-forwards substantially expiring in 2035; approximately $48.5 million in New York city loss carry-forwards substantially expiring in 2035; and, We expect no substantial limitations on the future use of U.S. loss carry-forwards. The provision for income taxes is different from amounts computed by applying U.S. statutory rates to consolidated losses before taxes. The significant reason for these differences is as follows: (Dollars in thousands) 2021 2020 2019Expected tax provision $ 8,559 $ (14,873) $ 490Increase (decrease) in tax expense resulting from: Foreign tax rate differential 6,473 (1,159) 1,269Change in valuation allowance (6,339) 11,424 19,950State and local tax provision (6,458) 418 6,595Tax rate change — (1,397) —Prior year adjustment (211) 877 85Unrecognized tax benefits (3,937) 246 257GILTI 7,858 — 103Foreign Tax Credit — — (81)Other (1) (503) 169Total income tax expense (benefit) $ 5,944 $ (4,967) $ 28,837 The undistributed earnings of the Company's Australian subsidiaries are not indefinitely reinvested. Due to the enactment of the Tax Act, future repatriations of foreign earnings will generally not be subject to U.S. federal taxation but may incur minimal state taxes. The following table is a summary of the activity related to unrecognized tax benefits, excluding interest and penalties, for the years ended December 31, 2021, 2020, and 2019: (Dollars in thousands) 2021 2020 2019Unrecognized tax benefits – gross beginning balance $ 2,086 $ 4,082 $ 4,709Gross increase (decrease) - prior year tax positions (1,664) (1,996) (148)Gross increase (decrease) - current year tax positions 11,114 — —Settlements — — (479)Unrecognized tax benefits – gross ending balance $ 11,536 $ 2,086 $ 4,082 As of December 31, 2021 and 2020, if recognized, $11.5 million and $2.1 million respectively, of the unrecognized tax benefits would impact the Company’s effective tax rate. During the year ended December 31, 2021, we recorded a decrease to tax interest of $10.5 million, resulting in a total $0.4 million in interest. During the year ended December 31, 2020, we recorded an increase to tax interest of $0.7 million, resulting in a total $10.9 million in interest. It is difficult to predict the timing and resolution of uncertain tax positions. Based upon the Company’s assessment of many factors, including past experience and judgments about future events, it is probable that within the next 12 months the reserve for uncertain tax positions will increase within a range of $500,000 to $1.5 million. The reasons for such change include but are not limited to tax positions expected to be taken during 2021, revaluation of current uncertain tax positions, and expiring statutes of limitations. Generally, changes to our federal and most state income tax returns for the calendar year 2016 and earlier are barred by statutes of limitations. As of December 31, 2021, federal income tax returns for 2018 and after are open for examination. California worldwide unitary income tax returns for 2017 and after are open for examination. Australia income tax returns for calendar years 2017 and after are open for examination. Generally, New Zealand returns for calendar years 2016 and after remain open for examination.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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