INCOME TAXES

3 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

The Company's total income tax benefit for our (loss) income before income taxes were as follows (in thousands):

	Three Months Ended March 31,
	2022		2021
(Loss) income before income taxes and equity in losses of unconsolidated affiliates	$	(11,813)	$	492
Total income tax benefit	$	(2,208)	$	(1,565)

There were cash payments for income taxes, net of refunds, of $0.5 million for the three months ended March 31, 2022 and there were cash payments of $0.5 million for income taxes for the three months ended March 31, 2021. The Company had a tax benefit of $2.2 million for the three months ended March 31, 2022 compared to the tax benefit of $1.6 million for the three months ended March 31, 2021. The increase in tax benefit in the three month period is due to an increased loss for financial reporting. The Company recognized $0.6 million in excess tax benefits related to employee share-based compensation for the three months ended March 31, 2022, compared to $0.5 million recognized for the three months ended March 31, 2021.

As of December 31, 2021, the Company had a deferred tax asset of approximately $5.7 million from net operating losses and tax credits. The Company has a valuation allowance recorded on statutory deferred tax assets in Germany and a partial valuation allowance recorded on state net operating losses in the US. In the first quarter, the Company forecasts an increase of approximately $0.5 million of the valuation allowance through the annual effective tax rate used to estimate income tax expense. The increase is due to forecasted future financial losses in Germany. After the increase, the net valuation allowance is forecasted to be approximately $3.3 million as of December 31, 2022