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Income Taxes (Tables)

3 Months Ended

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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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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Tabular disclosure of the change in unrecognized tax benefits.

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