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Income Tax (Tables)

9 Months Ended

Sep. 30, 2018

Income Tax Disclosure [Abstract]

Components of Income Tax Expense (Benefit)

The components of income tax expense for the three and nine months ended September 30, 2018 and 2017, respectively, consisted of the following:

		Three months ended September 30,								Nine months ended September 30,
(In thousands)		2018				2017				2018				2017
Current tax provision (benefit)		$	4,923			$	(301	)		$	13,083			$	7,586
Deferred tax benefit		(1,621		)		(4,539		)		(2,734		)		(6,338		)
Income tax expense (benefit)		$	3,302			$	(4,840	)		$	10,349			$	1,248

Segregation of Income Tax Expense Based on Location of Operations

The following table presents the components of income tax expense for the three and nine months ended September 30, 2018 and 2017, respectively, and its segregation based on location of operations:

		Three months ended September 30,								Nine months ended September 30,
(In thousands)		2018				2017				2018				2017
Current tax provision (benefit)
Puerto Rico		$	2,208			$	(1,440	)		$	6,063			$	3,420
United States		(31		)		(10		)		142				190
Foreign countries		2,746				1,149				6,878				3,976
Total current tax provision (benefit)		$	4,923			$	(301	)		$	13,083			$	7,586
Deferred tax benefit
Puerto Rico		$	(1,026	)		$	(4,098	)		$	(2,059	)		$	(5,150	)
United States		(11		)		(107		)		(109		)		(190		)
Foreign countries		(584		)		(334		)		(566		)		(998		)
Total deferred tax benefit		$	(1,621	)		$	(4,539	)		$	(2,734	)		$	(6,338	)

Schedule of Effective Income Tax Rate Reconciliation

Income tax expense differs from the amount computed by applying the Puerto Rico statutory income tax rate to the income before income taxes as a result of the following:

		Nine months ended September 30,
(In thousands)		2018				2017
Computed income tax at statutory rates		$	29,902			$	19,790
Differences in tax rates due to multiple jurisdictions		(356		)		2,237
Tax benefit due to a change in estimate		—				(334		)
Effect of income subject to tax-exemption grant		(19,542		)		(16,421		)
Unrecognized tax expense (benefit)		754				(4,271		)
Other (benefit) expense		(409		)		247
Income tax expense		$	10,349			$	1,248

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

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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

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- Definition

Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h)(1)(i))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

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