INCOME TAXES (Tables)
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12 Months Ended |
Dec. 31, 2021 |
Income Tax Disclosure [Abstract] |
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Summary of Company's Income Tax (Expense) Benefit |
The Company’s income tax benefit (expense) consisted of the following components (in thousands):
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$ |
(1 |
) |
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$ |
(11 |
) |
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$ |
(118 |
) |
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$ |
(120 |
) |
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1,295 |
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(15,123 |
) |
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(7,546 |
) |
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(1,933 |
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519 |
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(6,201 |
) |
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(4,091 |
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(470 |
) |
Other foreign jurisdictions |
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2,192 |
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(4,045 |
) |
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(1,412 |
) |
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(1,991 |
) |
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4,005 |
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(25,380 |
) |
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(13,167 |
) |
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(4,514 |
) |
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— |
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— |
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(930 |
) |
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(16 |
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1,724 |
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7,062 |
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1,966 |
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15,828 |
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390 |
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1,922 |
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(213 |
) |
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5,477 |
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Other foreign jurisdictions |
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(1,444 |
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2,260 |
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1,861 |
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899 |
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670 |
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11,244 |
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2,684 |
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22,188 |
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Total income tax benefit (expense) |
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$ |
4,675 |
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$ |
(14,136 |
) |
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$ |
(10,483 |
) |
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$ |
17,674 |
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Summary of Company's Income Before Income Taxes |
The Company’s (loss) income before income taxes consists of the following components (in thousands):
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$ |
(657,511 |
) |
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$ |
(15,309 |
) |
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$ |
(1,230 |
) |
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$ |
50 |
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(23,500 |
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49,186 |
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35,703 |
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(60,660 |
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Other foreign jurisdictions |
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(4,121 |
) |
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888 |
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259 |
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899 |
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Total (loss) income before taxes |
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$ |
(685,132 |
) |
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$ |
34,765 |
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$ |
34,732 |
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$ |
(59,711 |
) |
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Summary of Effective Income Tax Rate |
The Company’s income tax expense differs from the amount computed by applying the Luxembourg statutory rate of 24.94% for the reasons set forth in the following table:
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January 1, 2021 Through November 8, 2021 |
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Luxembourg statutory tax rate |
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24.94 |
% |
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24.94 |
% |
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24.94 |
% |
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24.94 |
% |
(Increase)/reduction in income tax rate: |
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U.S. state and local income taxes, net |
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0.14 |
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7.61 |
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6.25 |
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6.01 |
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Effect of rates different from statutory |
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(0.10 |
) |
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(5.84 |
) |
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(3.78 |
) |
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(3.68 |
) |
Global intangible low-taxed income |
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— |
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— |
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— |
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(1.37 |
) |
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(0.05 |
) |
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(2.20 |
) |
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(1.36 |
) |
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0.78 |
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(0.11 |
) |
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0.02 |
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— |
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— |
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(23.78 |
) |
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— |
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— |
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— |
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— |
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1.38 |
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3.57 |
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4.49 |
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Changes in prior year estimates |
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— |
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— |
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(2.73 |
) |
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3.61 |
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Change in valuation allowance |
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(0.07 |
) |
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12.47 |
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5.12 |
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(5.31 |
) |
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(0.29 |
) |
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2.28 |
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(1.83 |
) |
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0.13 |
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0.68 |
% |
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40.66 |
% |
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30.18 |
% |
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29.60 |
% |
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Summary of Deferred Tax Assets and Liabilities |
Significant portions of the Company’s deferred tax assets and deferred tax liabilities are as follows (in thousands):
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Net operating loss carryforwards |
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$ |
7,360 |
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$ |
4,492 |
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— |
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58 |
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4,161 |
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5,812 |
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2,315 |
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1,934 |
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Goodwill and other intangibles |
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35 |
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545 |
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1,821 |
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546 |
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(5,598 |
) |
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(5,060 |
) |
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Total deferred tax assets |
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10,094 |
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8,327 |
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Deferred Tax Liabilities: |
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Property, plant and equipment |
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(10,077 |
) |
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(5,932 |
) |
Goodwill and other intangibles |
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(284,297 |
) |
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(114,514 |
) |
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(8,106 |
) |
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— |
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(6,000 |
) |
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— |
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(247 |
) |
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(43 |
) |
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Total deferred tax liabilities |
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(308,727 |
) |
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(120,489 |
) |
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Net deferred tax liability |
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$ |
(298,633 |
) |
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$ |
(112,162 |
) |
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