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Income Taxes (Tables)

3 Months Ended

Mar. 31, 2020

Income Taxes

Schedule of Effective Income Tax Rate Reconciliation

The reconciliations of the U.S. statutory rate with the Company’s effective tax rate for the three-month periods ended March 31, 2020 and 2019 are summarized in the table below:

		For the three months ended March 31,
		2020		2019
Federal income tax expense at statutory rate		21.0	%	21.0	%
Effect of:
Tax effects of foreign operations		597.8		(34.0)
Foreign operations permanent difference - foreign exchange gains and losses		355.3		104.2
Increase in unrecognized tax benefits (ASC 740)		165.1		(36.8)
State income tax net of federal benefit		39.8		—
Withholding tax		22.9		—
Return to provision true up		1.2		(28.0)
Foreign rate differential		(85.5)		(8.1)
Change in valuation allowance		(193.3)		(7.9)
Other		(130.2)		(4.6)
Effective tax rate		794.1	%	5.8	%

Schedule Of unrecognized Tax Benefits

The following table presents a roll-forward of the Company’s unrecognized tax benefits and associated interest for the three months ended March 31, 2020 (in thousands):

		Unrecognized
		tax benefits
Balance - January 1, 2020		$	2,957
Increase in tax position			75
Interest accrual			45
Foreign currency remeasurement			(149)
Balance -March 31, 2020		$	2,928

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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Tabular disclosure of the change in unrecognized tax benefits.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 55
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-URI http://asc.fasb.org/extlink&oid=117331294&loc=d3e36027-109320

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