Post-effective amendment to a registration statement that is not immediately effective upon filing

INCOME TAXES (Tables)

v3.22.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Summary of Company's Income Tax (Expense) Benefit
The Company’s income tax benefit (expense) consisted of the following components (in thousands):
 
    
Successor
               
Predecessor
 
    
November 9, 2021

Through

December 31, 2021
               
January 1, 2021

Through

November 8, 2021
   
Year Ended December 31,
 
               
     2020     
   
     2019     
 
Current:
            
Luxembourg
   $ (1       $ (11   $ (118   $ (120
U.S. Federal
     1,295         (15,123     (7,546     (1,933
U.S. state and local
     519         (6,201     (4,091     (470
Other foreign jurisdictions
     2,192         (4,045     (1,412     (1,991
  
 
 
       
 
 
   
 
 
   
 
 
 
Total current
     4,005         (25,380     (13,167     (4,514
  
 
 
       
 
 
   
 
 
   
 
 
 
Deferred:
            
Luxembourg
     —             —         (930     (16
U.S. Federal
     1,724         7,062     1,966     15,828
U.S. state and local
     390         1,922     (213     5,477
Other foreign jurisdictions
     (1,444         2,260     1,861     899
  
 
 
       
 
 
   
 
 
   
 
 
 
Total deferred
     670         11,244     2,684     22,188
  
 
 
       
 
 
   
 
 
   
 
 
 
Total income tax benefit (expense)
   $ 4,675       $ (14,136   $ (10,483   $ 17,674
  
 
 
       
 
 
   
 
 
   
 
 
 
Summary of Company's Income Before Income Taxes
The Company’s (loss) income before income taxes consists of the following components (in thousands):
 
    
Successor
               
Predecessor
 
    
November 9, 2021

Through

December 31, 2021
               
January 1, 2021

Through

November 8, 2021
   
Year Ended December 31,
 
               
     2020     
   
     2019     
 
Luxembourg
   $ (657,511       $ (15,309   $ (1,230   $ 50
U.S.
     (23,500         49,186     35,703     (60,660
Other foreign jurisdictions
     (4,121         888     259     899
  
 
 
       
 
 
   
 
 
   
 
 
 
Total (loss) income before taxes
   $ (685,132       $ 34,765   $ 34,732   $ (59,711
  
 
 
       
 
 
   
 
 
   
 
 
 
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:
 
    
Successor
               
Predecessor
 
    
November 9, 2021

Through

December 31, 2021
               
January 1, 2021
Through
November 8, 2021
   
Year Ended December 31,
 
   
     2020     
   
     2019     
 
Luxembourg statutory tax rate
     24.94         24.94     24.94     24.94
(Increase)/reduction in income tax rate:
            
U.S. state and local income taxes, net
     0.14         7.61     6.25     6.01
Effect of rates different from statutory
     (0.10         (5.84     (3.78     (3.68
Global intangible
low-taxed
income
     —             —         —         (1.37
Section 250 deduction
     (0.05         (2.20     (1.36     0.78
Transaction costs
     (0.11         0.02     —         —    
Founders advisory fees
     (23.78         —         —         —    
Tax rate changes
     —             1.38     3.57     4.49
Changes in prior year estimates
     —             —         (2.73     3.61
Change in valuation allowance
     (0.07         12.47     5.12     (5.31
Other, net
     (0.29         2.28     (1.83     0.13
  
 
 
       
 
 
   
 
 
   
 
 
 
Effective tax rate
     0.68         40.66     30.18     29.60
  
 
 
       
 
 
   
 
 
   
 
 
 
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):
 
    
Successor
               
Predecessor
 
    
December 31,
2021
               
December 31,
2020
 
Deferred Tax Assets:
        
Net operating loss carryforwards
   $ 7,360       $ 4,492
Inventory
     —             58
Interest
     4,161         5,812
Accrued liabilities
     2,315         1,934
Goodwill and other intangibles
     35         545
Other
     1,821         546
Valuation allowance
     (5,598         (5,060
  
 
 
       
 
 
 
Total deferred tax assets
     10,094         8,327
  
 
 
       
 
 
 
Deferred Tax Liabilities:
        
Property, plant and equipment
     (10,077         (5,932
Goodwill and other intangibles
     (284,297         (114,514
Inventory
     (8,106         —    
Unremitted earnings
     (6,000         —    
Other
     (247         (43
  
 
 
       
 
 
 
Total deferred tax liabilities
     (308,727         (120,489
  
 
 
       
 
 
 
Net deferred tax liability
   $ (298,633       $ (112,162