Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2021 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Summary of Deferred Tax Assets |
he deferred tax assets expire as follows:
|
|
|
|
|
|
|
|
|
Amount |
|
|
Expiration Date |
|
|
(in thousands) |
|
|
|
Domestic federal NOL |
|
$ |
12,871 |
|
|
Indefinite life |
Domestic state NOL |
|
|
12,997 |
|
|
2032 - Indefinite |
Domestic tax credits |
|
|
5,458 |
|
|
2028 - 2036 |
Foreign NOL |
|
|
33,868 |
|
|
Indefinite life |
Foreign capital loss |
|
|
3,349 |
|
|
Indefinite life |
Foreign tax credits |
|
|
6,512 |
|
|
2021 - 2026 |
|
| Summary of Reconciliation of Uncertain Tax Positions |
A reconciliation of the beginning and ending balances of uncertain tax positions included in other current liabilities on the consolidated balance sheets was as follows:
|
|
|
|
|
|
|
|
|
|
|
2021 |
|
|
2020 |
|
|
|
(in thousands) |
|
Beginning balance as of January 1, |
|
$ |
600 |
|
|
$ |
— |
|
Additions for tax positions taken in prior years |
|
|
931 |
|
|
|
600 |
|
Reductions of tax positions taken in prior years |
|
|
— |
|
|
|
— |
|
Reductions for settlements on tax positions of prior years |
|
|
(931 |
) |
|
|
— |
|
Ending balance as of December 31, |
|
$ |
600 |
|
|
$ |
600 |
|
|
| Summary of Earnings Before Income Inclusive of the Loss from Equity Investee |
Earnings before income taxes were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended December 31, |
|
|
|
2021 |
|
|
2020 |
|
|
2019 |
|
|
|
(in thousands) |
|
Domestic (US) |
|
$ |
73,338 |
|
|
$ |
38,762 |
|
|
$ |
(39,907 |
) |
Foreign (Israel) |
|
|
(2,277 |
) |
|
|
(9,622 |
) |
|
|
(1,088 |
) |
Total |
|
$ |
71,061 |
|
|
$ |
29,140 |
|
|
$ |
(40,995 |
) |
|
| Summary of Income Tax Provision |
The components of the income tax provision were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended December 31, |
|
|
|
2021 |
|
|
2020 |
|
|
2019 |
|
|
|
(in thousands) |
|
Current: |
|
|
|
|
|
|
|
|
|
Domestic federal |
|
$ |
1,535 |
|
|
$ |
690 |
|
|
$ |
1,140 |
|
Domestic state and local |
|
|
5,251 |
|
|
|
2,558 |
|
|
|
728 |
|
Total current |
|
|
6,786 |
|
|
|
3,248 |
|
|
|
1,868 |
|
Deferred: |
|
|
|
|
|
|
|
|
|
Domestic federal |
|
|
7,550 |
|
|
|
(3,399 |
) |
|
|
4,311 |
|
Domestic state and local |
|
|
(2,702 |
) |
|
|
(1,348 |
) |
|
|
(12 |
) |
Total deferred |
|
|
4,848 |
|
|
|
(4,747 |
) |
|
|
4,299 |
|
Total income tax expense (benefit) |
|
$ |
11,634 |
|
|
$ |
(1,499 |
) |
|
$ |
6,167 |
|
|
| Summary of Reconciliation of Significant Differences in Income Tax Expense |
The reconciliation of significant differences between income tax expense applying the US statutory rate and the actual income tax expense (benefit) at the effective rate were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended December 31, |
|
|
|
2021 |
|
|
2020 |
|
|
2019 |
|
|
|
(in thousands) |
|
Income tax expense (benefit) at the statutory rate |
|
$ |
14,923 |
|
|
|
21.0 |
% |
|
$ |
6,119 |
|
|
|
21.0 |
% |
|
$ |
(8,609 |
) |
|
|
21.0 |
% |
Increases (decreases): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling interest in partnership |
|
|
(48 |
) |
|
|
(0.1 |
)% |
|
|
(3,412 |
) |
|
|
(11.7 |
)% |
|
|
(179 |
) |
|
|
0.4 |
% |
State income taxes, net of federal income tax benefit |
|
|
3,444 |
|
|
|
4.8 |
% |
|
|
2,188 |
|
|
|
7.5 |
% |
|
|
(512 |
) |
|
|
1.2 |
% |
International rate differential |
|
|
(425 |
) |
|
|
(0.6 |
)% |
|
|
262 |
|
|
|
0.9 |
% |
|
|
1,140 |
|
|
|
(2.8 |
)% |
Non-deductible expenses |
|
|
1,941 |
|
|
|
2.7 |
% |
|
|
470 |
|
|
|
1.6 |
% |
|
|
354 |
|
|
|
(0.9 |
)% |
Investment in partnership |
|
|
— |
|
|
|
0.0 |
% |
|
|
850 |
|
|
|
2.9 |
% |
|
|
— |
|
|
|
0.0 |
% |
Valuation allowance |
|
|
(3,892 |
) |
|
|
(5.5 |
)% |
|
|
(7,550 |
) |
|
|
(25.9 |
)% |
|
|
16,109 |
|
|
|
(39.3 |
)% |
Credits |
|
|
(1,880 |
) |
|
|
(2.6 |
)% |
|
|
(1,066 |
) |
|
|
(3.7 |
)% |
|
|
(2,601 |
) |
|
|
6.3 |
% |
Other rate differentials |
|
|
(2,429 |
) |
|
|
(3.4 |
)% |
|
|
640 |
|
|
|
2.3 |
% |
|
|
465 |
|
|
|
(1.1 |
)% |
Total |
|
$ |
11,634 |
|
|
|
16.3 |
% |
|
$ |
(1,499 |
) |
|
|
(5.1 |
)% |
|
$ |
6,167 |
|
|
|
(15.2 |
)% |
|
| Summary of Significant Components of Deferred Income Tax Assets and Liabilities |
Significant components of deferred income tax assets and liabilities consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
As of December 31, |
|
|
|
2021 |
|
|
2020 |
|
|
|
(in thousands) |
|
Deferred tax assets: |
|
|
|
|
|
|
Asset retirement obligation |
|
$ |
1,616 |
|
|
$ |
1,526 |
|
Inventory |
|
|
221 |
|
|
|
302 |
|
Lease obligations |
|
|
72,944 |
|
|
|
72,308 |
|
Accrued expenses |
|
|
213 |
|
|
|
226 |
|
Deferred income |
|
|
1,024 |
|
|
|
1,304 |
|
Environmental liabilities |
|
|
168 |
|
|
|
171 |
|
Transaction costs |
|
|
2,273 |
|
|
|
2,478 |
|
Investment in partnership |
|
|
33,332 |
|
|
|
29,046 |
|
Share-based compensation |
|
|
224 |
|
|
|
— |
|
Net operating loss carryforwards |
|
|
11,922 |
|
|
|
16,629 |
|
Credits |
|
|
11,971 |
|
|
|
14,686 |
|
Other |
|
|
1,169 |
|
|
|
1,728 |
|
Total deferred tax assets |
|
|
137,077 |
|
|
|
140,404 |
|
Valuation allowance |
|
|
(13,416 |
) |
|
|
(17,841 |
) |
Total deferred tax assets, net |
|
|
123,661 |
|
|
|
122,563 |
|
Deferred tax liabilities: |
|
|
|
|
|
|
Property and equipment |
|
|
(10,540 |
) |
|
|
(10,075 |
) |
Intangible assets |
|
|
(1,214 |
) |
|
|
(1,304 |
) |
Right-of-use assets |
|
|
(66,097 |
) |
|
|
(67,261 |
) |
Prepaid expenses |
|
|
(580 |
) |
|
|
(709 |
) |
Translation adjustments |
|
|
(2,097 |
) |
|
|
(2,097 |
) |
Other |
|
|
(4,632 |
) |
|
|
(3,278 |
) |
Total deferred tax liabilities |
|
|
(85,160 |
) |
|
|
(84,724 |
) |
Net deferred tax asset |
|
$ |
38,501 |
|
|
$ |
37,839 |
|
|