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Income taxes (Tables) | 3 Months Ended
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Mar. 31, 2020
Components of Deferred Tax Assets and Liabilities |
|  |  | March 31, 2020
(In thousands) |  | PR |  | US |  | Total
Deferred tax assets: |  |  |  |  |  |
Tax credits available for carryforward | $ | 2,368 | $ | 5,269 | $ | 7,637
Net operating loss and other carryforward available |  | 117,927 |  | 717,565 |  | 835,492
Postretirement and pension benefits |  | 81,912 |  | - |  | 81,912
Deferred loan origination fees |  | 2,043 |  | (3,164) |  | (1,121)
Allowance for loan losses |  | 465,054 |  | 38,957 |  | 504,011
Accelerated depreciation |  | 3,439 |  | 4,908 |  | 8,347
FDIC-assisted transaction |  | 82,936 |  | - |  | 82,936
Intercompany deferred gains |  | 1,335 |  | - |  | 1,335
Lease liability |  | 22,847 |  | 22,636 |  | 45,483
Difference in outside basis from pass-through entities |  | 53,892 |  | - |  | 53,892
Other temporary differences |  | 31,893 |  | 7,702 |  | 39,595
| Total gross deferred tax assets |  | 865,646 |  | 793,873 |  | 1,659,519
Deferred tax liabilities: |  |  |  |  |  |
Indefinite-lived intangibles |  | 38,243 |  | 37,152 |  | 75,395
Unrealized net gain (loss) on trading and available-for-sale securities |  | 81,077 |  | 7,306 |  | 88,383
Right of use assets |  | 20,739 |  | 20,702 |  | 41,441
Other temporary differences |  | 11,924 |  | 1,182 |  | 13,106
| Total gross deferred tax liabilities |  | 151,983 |  | 66,342 |  | 218,325
Valuation allowance |  | 105,165 |  | 408,079 |  | 513,244
Net deferred tax asset | $ | 608,498 | $ | 319,452 | $ | 927,950
|  |  | December 31, 2019
(In thousands) |  | PR |  | US |  | Total
Deferred tax assets: |  |  |  |  |  |
Tax credits available for carryforward | $ | 2,368 | $ | 5,269 | $ | 7,637
Net operating loss and other carryforward available |  | 112,803 |  | 716,796 |  | 829,599
Postretirement and pension benefits |  | 82,623 |  | - |  | 82,623
Deferred loan origination fees |  | 2,519 |  | (2,759) |  | (240)
Allowance for loan losses |  | 405,475 |  | 10,981 |  | 416,456
Accelerated depreciation |  | 3,439 |  | 4,914 |  | 8,353
FDIC-assisted transaction |  | 82,684 |  | - |  | 82,684
Intercompany deferred gains |  | 1,604 |  | - |  | 1,604
Lease liability |  | 22,694 |  | 23,387 |  | 46,081
Difference in outside basis from pass-through entities |  | 21,670 |  | - |  | 21,670
Other temporary differences |  | 26,554 |  | 7,460 |  | 34,014
| Total gross deferred tax assets |  | 764,433 |  | 766,048 |  | 1,530,481
Deferred tax liabilities: |  |  |  |  |  |
Indefinite-lived intangibles |  | 37,411 |  | 36,058 |  | 73,469
Unrealized net gain (loss) on trading and available-for-sale securities |  | 15,635 |  | 432 |  | 16,067
Right of use assets |  | 20,598 |  | 21,430 |  | 42,028
Other temporary differences |  | 12,778 |  | 1,179 |  | 13,957
| Total gross deferred tax liabilities |  | 86,422 |  | 59,099 |  | 145,521
Valuation allowance |  | 100,175 |  | 399,800 |  | 499,975
Net deferred tax asset | $ | 577,836 | $ | 307,149 | $ | 884,985
Reconciliation of Unrecognized Tax Benefits |
(In millions) |  | 2020 |  |  | 2019
Balance at January 1 | $ | 16.3 |  | $ | 7.2
Additions for tax positions -January through March |  | - |  |  | 0.3
Balance at March 31 | $ | 16.3 |  | $ | 7.5
PUERTO RICO |
Differences Between Income Tax Expense (Benefit) Applicable to Income Before Income Taxes and Amount Computed by Applying the Statutory Tax Rate in Puerto Rico |
|  |  | Quarters ended |
|  |  | March 31, 2020 |  |  |  | March 31, 2019 |
(In thousands) |  | Amount | % of pre-tax income |  |  |  | Amount | % of pre-tax income |
Computed income tax expense at statutory rates | $ | 14,025 | 38 | % |  | $ | 81,806 | 38 | %
Net benefit of tax exempt interest income |  | (32,896) | (88) |  |  |  | (26,944) | (12) |
Deferred tax asset valuation allowance |  | 5,538 | 15 |  |  |  | 5,482 | 2 |
Difference in tax rates due to multiple jurisdictions |  | 8,875 | 24 |  |  |  | (2,862) | (1) |
Effect of income subject to preferential tax rate |  | (1,900) | (5) |  |  |  | (2,928) | (1) |
Adjustment due to estimate on the annual effective rate |  | 9,004 | 24 |  |  |  | (3,130) | (2) |
State and local taxes |  | (555) | (2) |  |  |  | 1,624 | - |
Others |  | 1,006 | 2 |  |  |  | (2,825) | (1) |
Income tax expense | $ | 3,097 | 8 | % |  | $ | 50,223 | 23 | %

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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32840-109319 + Details
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