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Income Tax (Tables)

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Components of income tax expense

The components of income tax expense for the three and six months ended June 30, 2024 and 2023, respectively, consisted of the following:

						Three months ended June 30,												Six months ended June 30,
(In thousands)						2024						2023						2024						2023
Current tax provision						$	8,705					$	7,845					$	14,717					$	12,871
Deferred tax benefit						(7,604)						(1,259)						(13,324)						(3,467)
Income tax expense						$	1,101					$	6,586					$	1,393					$	9,404

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, 2024 and 2023, and its segregation based on location of operations:

						Three months ended June 30,															Six months ended June 30,
(In thousands)						2024						2023									2024						2023
Current tax provision
Puerto Rico						$	1,724					$	2,595								$	2,330					$	3,775
United States						39						47									129						58
Foreign countries						6,942						5,203									12,258						9,038
Total current tax provision						$	8,705					$	7,845								$	14,717					$	12,871
Deferred tax benefit
Puerto Rico						$	(3,666)					$	(189)								$	(7,325)					$	(424)
United States						11						29									2						3
Foreign countries						(3,949)						(1,099)									(6,001)						(3,046)
Total deferred tax benefit						$	(7,604)					$	(1,259)								$	(13,324)					$	(3,467)

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)						2024						2023
Computed income tax at statutory rates						$	18,864					$	25,319
Differences in tax rates due to multiple jurisdictions						2,806						2,350
Effect of income subject to tax-exemption grant						(20,095)						(16,219)
Unrecognized tax expense						(1,192)						69
Excess tax benefits on share-based compensation						(511)						(23)
Tax credits for research and development activities						—						(884)
Other, net						1,521						(1,208)
Income tax expense						$	1,393					$	9,404

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- References

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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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

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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://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

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