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Income Tax (Tables)

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Components of income tax expense

The components of income tax expense for the three and six months ended June 30, 2022 and 2021, respectively, consisted of the following:

						Three months ended June 30,												Six months ended June 30,
(In thousands)						2022						2021						2022						2021
Current tax provision						$	8,196					$	2,689					$	15,073					$	8,287
Deferred tax benefit						(508)						(57)						(1,210)						(947)
Income tax expense						$	7,688					$	2,632					$	13,863					$	7,340

Segregation of income tax expense based on location of operations

The following table presents the components of income tax expense for the three and six months ended June 30, 2022 and 2021, and its segregation based on location of operations:

						Three months ended June 30,												Six months ended June 30,
(In thousands)						2022						2021						2022						2021
Current tax provision (benefit)
Puerto Rico						$	3,176					$	(569)					$	5,491					$	1,035
United States						33						45						63						75
Foreign countries						4,987						3,213						9,519						7,177
Total current tax provision						$	8,196					$	2,689					$	15,073					$	8,287
Deferred tax (benefit) provision
Puerto Rico						$	(647)					$	(226)					$	(1,040)					$	(520)
United States						26						242						(45)						(187)
Foreign countries						113						(73)						(125)						(240)
Total deferred tax benefit						$	(508)					$	(57)					$	(1,210)					$	(947)

Schedule of income tax expense differs from computed income tax at statutory rates

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:

						Six months ended June 30,
(In thousands)						2022						2021
Computed income tax at statutory rates						$	32,357					$	34,513
Differences in tax rates due to multiple jurisdictions						1,155						960
Effect of income subject to tax-exemption grant						(20,440)						(23,863)
Unrecognized tax (benefit) expense						122						(3,580)
Excess tax benefits on share-based compensation						(21)						(976)
Other, net						690						286
Income tax expense						$	13,863					$	7,340

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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 https://asc.fasb.org/extlink&oid=121826272&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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

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- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

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