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Income taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of income tax expense (benefit)

Income tax expense (benefit) for the years ended December 31, 2020, 2021 and 2022 is allocated as follows:

			Year ended December 31,
			2020						2021						2022
Income from continuing operations			$	92,201					$	113,681					$	111,832
Other comprehensive income:
Cash flow hedges			(3,327)						5,265						(4,947)
Retirement benefits			(894)						3,859						690
Retained earnings:
Deferred tax benefit recognized on adoption of ASU 2016-13			(935)						—						—

Schedule of components of income before income tax expense from continuing operations

The components of income before income tax expense from continuing operations are as follows:

			Year ended December 31,
			2020						2021						2022
Domestic (U.S.)			$	122,497					$	126,107					$	44,903
Foreign (other than U.S.)			277,980						357,022						420,333
Income before income tax expense			$	400,477					$	483,129					$	465,236

Schedule of income tax expense (benefit) attributable to income from continuing operations

Income tax expense (benefit) attributable to income from continuing operations consists of:

			Year ended December 31,
			2020						2021						2022
Current tax expense:
Domestic (U.S. federal)			$	23,668					$	34,538					$	17,525
Domestic (U.S. state)			10,765						5,605						4,582
Foreign (other than U.S.)			80,355						82,801						118,876
			$	114,788					$	122,944					$	140,983
Deferred tax expense (benefit):
Domestic (U.S. federal)			$	(7,329)					$	(6,039)					$	(10,481)
Domestic (U.S. state)			(3,770)						232						(1,910)
Foreign (other than U.S.)			(11,488)						(3,456)						(16,760)
			$	(22,587)					$	(9,263)					$	(29,151)
Total income tax expense (benefit)			$	92,201					$	113,681					$	111,832

Schedule of income tax expense (benefit) computed by applying the U.S. federal statutory income tax rate to income before income taxes

Income tax expense (benefit) attributable to income from continuing operations differed from the amounts computed by applying the U.S. federal statutory income tax rate of 21% to income before income taxes as a result of the following:

			Year ended December 31,
			2020						2021						2022
Income before income tax expense			$	400,477					$	483,129					$	465,236
Statutory tax rates			21		%				21		%				21		%
Computed expected income tax expense			84,100						101,457						97,700
Increase (decrease) in income taxes resulting from:
Foreign tax rate differential			15,456						10,747						13,853
Tax benefit from tax holiday			(16,063)						(3,159)						(797)
True-up of prior years tax liability			(3,420)						7,590						2,096
Interest income on income tax refund			—						(7,780)						(2,168)
Non-deductible expenses			372						1,755						4,826
Effect of change in tax rates			453						1,740						(116)
Change in valuation allowance			142,733						6,244						10,752
Unrecognized tax benefits			3,228						(327)						1,236
Employment related tax incentive			—						(3,930)						(1,093)
Internal restructuring			(129,688)						—						—
State income taxes			6,995						5,837						2,672
Excess tax benefit on share-based compensation			(7,310)						(7,773)						(10,418)
Others*			(4,655)						1,280						(6,711)
Reported income tax expense (benefit)			$	92,201					$	113,681					$	111,832

*During the years ended December 31, 2020 and 2022, the Company recorded a tax benefit on the outside basis difference on the stock of one of its subsidiaries amounting to $8,384 and $6,881. For the year ended December 31, 2020, it was not more likely than not that the resulting net deferred tax asset would be realized. Therefore, a full valuation allowance was established.

Schedule of components of deferred tax balances

The components of the Company’s deferred tax balances as of December 31, 2021 and 2022 are as follows:

			As of December 31,
			2021						2022
Deferred tax assets
Net operating loss carryforwards			$	37,593					$	49,810
Accrued expenses and other liabilities			70,802						72,588
Allowance for credit losses			9,000						8,441
Property, plant and equipment, net			4,079						7,474
Lease liabilities			50,091						51,913
Share-based compensation			31,147						32,777
Intangible assets, net			168,737						179,815
Retirement benefits			9,721						8,629
Contract liabilities			8,012						7,452
Tax credit carryforwards			15,724						17,199
Others			10,277						21,902
Total deferred tax assets			$	415,183					$	458,000
Less: Valuation allowance			(212,192)						(222,655)
Total deferred tax assets, net of valuation allowance			$	202,991					$	235,345
Deferred tax liabilities
Intangible assets, net			$	6,598					$	128
Property, plant and equipment, net			1,907						1,290
Right-of use assets			40,733						40,946
Retirement benefits			3,404						4,175
Investments in foreign subsidiaries not indefinitely reinvested			1,708						1,663
Derivative instruments			6,153						2,344
Goodwill			34,597						43,173
Others			5,511						10,319
Total deferred tax liabilities			$	100,611					$	104,038
Net of deferred tax assets and liabilities			$	102,380					$	131,307

			As of December 31,
Classified as			2021						2022
Deferred tax assets non-current			$	106,322					$	135,483
Deferred tax liabilities non-current			3,942						4,176
			$	102,380					$	131,307

Schedule of change in total valuation allowance for deferred tax assets

The change in the Company’s total valuation allowance for deferred tax assets as of December 31, 2020, 2021 and 2022 is as follows: 

			Year ended December 31,
			2020						2021						2022
Opening valuation allowance			$	62,628					$	206,011					$	212,192
Reduction during the year			(35,662)						(1,206)						(214)
Addition during the year			179,045						7,387						10,677
Closing valuation allowance			$	206,011					$	212,192					$	222,655

Schedule of remaining tax loss carry-forwards expiration

The Company’s remaining operating loss carry forwards expire as set forth in the table below:

						Europe						Others
Year ending December 31,
2023						$	146					$	—
2024						0						1,938
2025						172						1,645
2026						1,450						—
2027						613						—
2028						929						83
2029						—						161
2032						—						207
2034						18,820						—
2035						7,357						—
2036						63,374						—
						$	92,861					$	4,034

Schedule of foreign tax credit carry-forward expiry period

As of December 31, 2022, the Company had a total foreign tax credit carry forward of $17,199 for subsidiaries in the United States which will expire as set forth in the table below:

Year ending December 31,			Amount
2028			6,378
2029			3,105
2030			2,665
2031			3,497
2032			1,554
			$	17,199

Schedule of activities related to unrecognized tax benefits

The following table summarizes activities related to our unrecognized tax benefits from January 1 to December 31 for each of 2021 and 2022:

			2021						2022
Opening Balance at January 1			$	34,300					$	25,651
Increase related to prior year tax positions, including recorded in acquisition accounting			2,992						2,869
Decrease related to prior year tax positions			(455)						(1,802)
Decrease related to prior year tax positions due to lapse of applicable statute of limitation			(455)						(1,313)
Increase related to current year tax positions, including recorded in acquisition accounting			1,385						1,426
Decrease related to settlements with taxing authorities			(11,170)						(4)
Effect of exchange rate changes			(946)						(1,397)
Closing Balance at December 31			$	25,651					$	25,430

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