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v3.21.1

Income Taxes (Tables) | 3 Months Ended
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Mar. 31, 2021
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, 2021 and 2020 are summarized in the table below:
|  | For the Three Months Ended March 31, |
|  | 2021 |  | 2020 |
Federal income tax expense at statutory rate |  | 21.0 | % | 21.0 | %
Effect of: |  |  |  |  |
Tax effects of foreign operations |  | 85.2 |  | 242.7 |
Change in valuation allowance |  | 26.7 |  | (78.5) |
Foreign operations permanent difference - foreign exchange gains and losses |  | 15.4 |  | 144.3 |
State income tax net of federal benefit |  | 2.4 |  | 16.2 |
Return to provision true up |  | 0.4 |  | (50.6) |
Withholding tax |  | 0.3 |  | 9.3 |
Foreign rate differential |  | (5.8) |  | (34.7) |
Effect of stock based compensation |  | (61.3) |  | — |
Increase (decrease) in unrecognized tax benefits (ASC 740) |  | (114.9) |  | 67.1 |
Other |  | 8.9 |  | (12.8) |
Effective tax rate |  | (21.7) | % | 324.0 | %
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, 2021 (in thousands):
|  | Unrecognized
|  | tax benefits
Balance - January 1, 2021 |  | $ | 3,231
Increase for current period tax positions |  |  | 61
Decrease for prior period tax positions |  |  | (1,476)
Interest accrual |  |  | 30
Foreign currency remeasurement |  |  | (4)
Balance - March 31, 2021 |  | $ | 1,842

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