INCOME TAXES (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Deferred Tax Assets and Liabilities |
The components of deferred tax assets and liabilities are as follows (in thousands):
|
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|
December 31, |
| |
2023 |
|
2022 |
| Deferred tax assets: |
|
|
|
| Foreign tax credits |
$ |
19,456 |
|
|
$ |
30,142 |
|
| Net operating losses |
153,068 |
|
|
155,532 |
|
| Pension liability |
(269) |
|
|
5,383 |
|
| Interest expense limitation |
49,431 |
|
|
42,995 |
|
| Accrued expenses not currently deductible |
18,367 |
|
|
14,439 |
|
| Lease liabilities |
34,553 |
|
|
36,101 |
|
| Other |
6,544 |
|
|
10,771 |
|
| Gross deferred tax assets |
281,150 |
|
|
295,363 |
|
| Valuation allowance |
(155,411) |
|
|
(159,648) |
|
| Total deferred tax assets |
$ |
125,739 |
|
|
$ |
135,715 |
|
| Deferred tax liabilities: |
|
|
|
| Property and equipment |
$ |
(99,684) |
|
|
$ |
(96,121) |
|
| Inventories |
(1,366) |
|
|
(2,152) |
|
| Investment in foreign subsidiaries and unconsolidated affiliates |
(6,365) |
|
|
(14,059) |
|
| Right-of-use lease asset |
(34,496) |
|
|
(35,135) |
|
| Intangibles |
(13,245) |
|
|
(14,440) |
|
|
|
|
|
| Other |
(2,578) |
|
|
(3,308) |
|
| Total deferred tax liabilities |
$ |
(157,734) |
|
|
$ |
(165,215) |
|
| Net deferred tax liabilities |
$ |
(31,995) |
|
|
$ |
(29,500) |
|
|
| Summary of Operating Loss Carryforwards |
The following table shows the expiration of such loss carryforwards (in thousands, except dates):
|
|
|
|
|
|
|
|
|
| |
December 31, 2023 |
Expiration |
| Foreign tax credit carryforwards |
$19,456 |
2024-2032 |
| Foreign net operating loss carryforwards |
$395,232 |
Indefinite |
| State net operating loss carryforwards |
$428,846 |
Indefinite |
| State net operating loss carryforwards |
$134,533 |
2024-2041 |
| Section 163j interest expense |
$235,384 |
Indefinite |
|
| Schedule of Components of Loss Before Benefit (Provision) for Income Taxes |
The components of income (loss) before income taxes for the periods reflected in the table below were as follows (in thousands):
|
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|
|
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|
|
|
|
|
|
|
|
|
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|
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| |
Twelve Months Ended December 31, 2023 |
|
Nine Months Ended December 31, 2022 |
|
Twelve Months Ended March 31, 2022 |
| Domestic |
$ |
(39,130) |
|
|
$ |
(7,692) |
|
|
$ |
(23,346) |
|
| Foreign |
57,142 |
|
|
28,771 |
|
|
18,927 |
|
| Income (loss) before income taxes |
$ |
18,012 |
|
|
$ |
21,079 |
|
|
$ |
(4,419) |
|
|
| Schedule of Provision (Benefit) for Income Taxes |
The components of income tax expense (benefit) for the periods reflected in the table below were as follows (in thousands):
|
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|
|
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| |
Twelve Months Ended December 31, 2023 |
|
Nine Months Ended December 31, 2022 |
|
Twelve Months Ended March 31, 2022 |
| Current: |
|
|
|
|
|
| Domestic |
$ |
10,347 |
|
|
$ |
3,995 |
|
|
$ |
5,971 |
|
| Foreign |
13,916 |
|
|
8,821 |
|
|
7,068 |
|
|
$ |
24,263 |
|
|
$ |
12,816 |
|
|
$ |
13,039 |
|
| Deferred: |
|
|
|
|
|
| Domestic |
$ |
(2,568) |
|
|
$ |
(3,419) |
|
|
$ |
(5,945) |
|
| Foreign |
3,237 |
|
|
(1,903) |
|
|
4,200 |
|
|
$ |
669 |
|
|
$ |
(5,322) |
|
|
$ |
(1,745) |
|
| Income tax expense |
$ |
24,932 |
|
|
$ |
7,494 |
|
|
$ |
11,294 |
|
|
| Reconciliation of Effective Income Tax Rate |
The reconciliation of the U.S. Federal statutory tax rate to the effective income tax rate for the periods reflected in the table below is as follows:
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| |
Twelve Months Ended December 31, 2023 |
|
Nine Months Ended December 31, 2022 |
|
Twelve Months Ended March 31, 2022 |
| Statutory rate |
21.0 |
% |
|
21.0 |
% |
|
21.0 |
% |
| Net foreign tax on non-U.S. earnings |
15.5 |
% |
|
49.0 |
% |
|
(348.2) |
% |
| Foreign earnings double tax relief |
(9.5) |
% |
|
(5.0) |
% |
|
25.2 |
% |
| Foreign earnings indefinitely reinvested abroad |
(3.4) |
% |
|
(28.7) |
% |
|
44.8 |
% |
| Change in valuation allowance |
(23.6) |
% |
|
(12.9) |
% |
|
16.7 |
% |
| Foreign earnings that are currently taxed in the U.S. |
7.4 |
% |
|
5.9 |
% |
|
(40.5) |
% |
| Changes in prior year estimates |
— |
% |
|
0.9 |
% |
|
(3.8) |
% |
| Impact of U.S. withholding tax |
2.2 |
% |
|
3.6 |
% |
|
(10.1) |
% |
| Impact of tax rate changes |
2.6 |
% |
|
— |
% |
|
— |
% |
| Foreign tax credits |
76.5 |
% |
|
— |
% |
|
— |
% |
| Deferred gains |
7.9 |
% |
|
— |
% |
|
— |
% |
| GILTI income |
19.8 |
% |
|
— |
% |
|
— |
% |
|
|
|
|
|
|
|
|
|
|
|
|
| Other, net |
22.0 |
% |
|
1.8 |
% |
|
(45.2) |
% |
| Sale of subsidiaries |
— |
% |
|
— |
% |
|
22.0 |
% |
| Impairment of foreign investments |
— |
% |
|
— |
% |
|
62.4 |
% |
| Effective tax rate |
138.4 |
% |
|
35.6 |
% |
|
(255.7) |
% |
|
| Summary of Open Tax Years and Unrecognized Tax Benefits |
The following table summarizes the years open by jurisdiction as of December 31, 2023:
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|
|
|
|
| |
Years Open |
| U.S. |
2020 to present |
| UK |
2022 to present |
| Nigeria |
2013 to present |
| Trinidad |
2010 to present |
| Australia |
2019 to present |
| Norway |
2019 to present |
| Brazil |
2019 to present |
The activity associated with unrecognized tax benefit for the periods reflected in the table below was follows (in thousands):
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| |
Twelve Months Ended December 31, 2023 |
|
Nine Months Ended December 31, 2022 |
|
Twelve Months Ended March 31, 2022 |
| Unrecognized tax benefits – beginning of period |
$ |
4,067 |
|
|
$ |
3,942 |
|
|
$ |
4,258 |
|
| Increases for tax positions taken in prior periods |
106 |
|
|
200 |
|
|
147 |
|
| Decreases for tax positions taken in prior periods |
— |
|
|
(75) |
|
|
(420) |
|
| Decrease related to statute of limitation expirations |
— |
|
|
— |
|
|
(43) |
|
| Unrecognized tax benefits – end of period |
$ |
4,173 |
|
|
$ |
4,067 |
|
|
$ |
3,942 |
|
|