Annual report pursuant to Section 13 and 15(d)

INCOME TAXES - (Tables)

v3.21.1
INCOME TAXES - (Tables)
12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
Components of consolidated income tax expense (benefit) for the years ended December 31, 2020, 2019, and 2018 was as follows:
For the Year Ended December 31,
(in thousands) 2020 2019 2018
U.S. current income tax expense (benefit)
    Federal $ 4,766  $ (11) $ 29 
    State and local 3,173  75  418 
    Total current income tax expense $ 7,939  $ 64  $ 447 
U.S. deferred income tax expense (benefit)
    Federal $ 3,875  $ 1,920  $ (2,541)
    State and local (915) (1,154) (396)
    Total deferred income tax expense (benefit) $ 2,960  $ 766  (2,937)
    Total income tax expense (benefit) $ 10,899  $ 830  $ (2,490)
Schedule of Effective Income Tax Rate Reconciliation The following table provides a reconciliation of the consolidated income tax expense (benefit) at the statutory U.S. federal tax rate to actual consolidated income tax expense (benefit) for the years ended December 31, 2020, 2019 and 2018:
For the Year Ended December 31,
(in thousands) 2020 2019 2018
U.S. federal statutory (benefit) $ 17,211  $ (6,879) $ (4,268)
Non-controlling interests (5,626) —  — 
Earnings as dual-member LLC —  —  1,643 
State and local income taxes, net 1,140  (1,564) (2)
Excess tax benefits pursuant to ASU 2016-09 (37) 309  140 
Valuation allowance changes (2,945) 9,302  (66)
Intangible assets 1,056  —  — 
Nondeductible items 233  125  86 
Tax credits (283) (323) (123)
Other, net 150  (140) 100 
Income tax expense (benefit) $ 10,899  $ 830  $ (2,490)
Schedule of Deferred Tax Assets and Liabilities The significant components of consolidated deferred income taxes were as follows:
As of December 31,
(in thousands) 2020 2019
Deferred Tax Assets:
Accruals and reserves $ 1,499  $ 1,566 
Intangible assets 49,558  53,600 
Net operating loss carryforwards 436  4,114 
Interest limitation carryforwards 6,295  9,266 
Other 2,115  1,877 
Gross deferred tax assets 59,903  70,423 
     Valuation allowance (7,200) (10,144)
     Total deferred tax assets 52,703  60,279 
Deferred Tax Liabilities:
Prepaid assets (973) (521)
Investments in partnership (19) (5,408)
Property and equipment (5,014) (4,693)
Total deferred tax liabilities (6,006) (10,622)
Net deferred tax assets $ 46,697  $ 49,657