v3.22.4

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The income tax expense (benefit) consisted of the following:

(In thousands)						Year Ended December 31, 2022			Year Ended  December 31, 2021			Year Ended  December 31, 2020
Current tax expense
Federal						$	20,213		$	17,430		$	2,120
State and local						5,334			4,088			1,479
Foreign						5,031			—			—
Total Current						30,578			21,518			3,599
Deferred tax expense (benefit)
Federal						12,666			13,509			17,204
State and local						3,285			3,077			3,750
Foreign						560			2,409			(4,148)
Total Deferred						16,511			18,995			16,806
Income tax expense, net						$	47,089		$	40,513		$	20,405

Schedule of Income (Loss) Before Income Taxes, Domestic and Foreign

Income (loss) before income taxes consists of the following:

(In thousands)						Year Ended December 31, 2022			Year Ended  December 31, 2021			Year Ended  December 31, 2020
Earnings (losses) before income taxes
United States						$	156,357		$	149,360		$	144,075
Foreign						54,927			10,452			(15,373)
Income before income taxes						$	211,284		$	159,812		$	128,702

Schedule of Effective Income Tax Rate Reconciliation

For the years ended December 31, 2022, 2021, and 2020, the effective income tax rate differs from the federal statutory income tax rate as explained below:

						Year Ended December 31, 2022						Year Ended  December 31, 2021						Year Ended  December 31, 2020
U.S. federal statutory income tax rate						21.0		%				21.0		%				21.0		%
Change in fair value of warrant liabilities						—						(0.1)						(6.5)
State and local income taxes, net of federal benefit						4.2						5.6						2.8
Insurance proceeds						(2.9)						—						—
Income attributable to non-controlling interest						—						—						(0.6)
Foreign rate differential						0.5						0.3						(0.6)
Change in state tax rate						(1.1)						(1.9)						0.6
Tax law change						—						—						(0.8)
Other						0.6						0.5						—
Effective income tax rate						22.3		%				25.4		%				15.9		%

Schedule of Deferred Tax Assets and Liabilities

Details of the Company’s deferred tax assets and liabilities are summarized as follows:    

(In thousands)						As of December 31, 2022						As of  December 31, 2021
Deferred tax assets
Imputed interest						$	6,248					$	6,478
Tax credits						1,140						3,011
Net operating loss carryforwards						122						—
Accrued liabilities						8,992						7,080
Share-based compensation						2,804						3,588
Other						5,236						5,367
Total deferred tax assets						24,542						25,524
Deferred tax liabilities
Goodwill and intangible assets						(304,121)						(291,024)
Property and equipment						(53,456)						(51,272)
Other						(13,995)						(1,075)
Total deferred tax liabilities						(371,572)						(343,371)
Total deferred tax assets and liabilities						$	(347,030)					$	(317,847)

Schedule of Unrecognized Tax Benefits Roll Forward

The following is a reconciliation of the beginning and ending amount of unrecognized tax benefits:

(In thousands)
Balance at December 31, 2020						$	1,560
Additions for tax positions established in prior years						45
Balance at December 31, 2021						1,605
Additions for tax positions acquired						80
Reductions for tax positions established in prior years						(92)
Balance at December 31, 2022						$	1,593

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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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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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