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Income Taxes (Tables)

6 Months Ended

Jun. 30, 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 six-month periods ended June 30, 2020 and 2019 are summarized in the table below:

		For the six months ended June 30,
		2020		2019
Federal income tax benefit at statutory rate		21.0	%	21.0	%
Effect of:
Change in valuation allowance		25.2		10.9
Foreign rate differential		20.4		(0.1)
Return to provision true up		1.8		0.4
Withholding tax		(3.9)		—
State income tax net of federal benefit		(5.9)		—
Foreign operations permanent difference - foreign exchange gains and losses		(44.4)		53.4
Increase in unrecognized tax benefits (ASC 740)		(58.0)		(27.7)
Tax effects of foreign operations		(131.8)		(61.3)
Other		1.9		(3.5)
Effective tax rate		(173.7)	%	(6.9)	%

Schedule Of unrecognized Tax Benefits

The following table presents a roll-forward of the Company’s unrecognized tax benefits and associated interest for the six months ended June 30, 2020 (in thousands):

		Unrecognized
		tax benefits
Balance - January 1, 2020		$	2,957
Increase in tax position			134
Interest accrual			96
Foreign currency remeasurement			(163)
Balance - June 30, 2020		$	3,024

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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.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
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-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
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