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Income Taxes | 6 Months Ended
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Jun. 30, 2021
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The following table presents components of income tax expense for the three and six months ended June 30, 2021 and 2020:
| Three months ended June 30, | Six months ended June 30,
(in thousands, except percentages) | 2021 | 2020 | 2021 | 2020
Income tax based on income from continuing operations (1) | $ | 13,251 |  | $ | 16,262 |  | $ | 24,583 |  | $ | 23,571 |
Provision for change in estimated tax rate | (218) |  | (490) |  | (218) |  | (490) |
Income tax before discrete items | 13,033 |  | 15,772 |  | 24,365 |  | 23,081 |
Discrete tax expense: |  |  |  |
Exercise of U.S. stock options | (14) |  | — |  | (156) |  | — |
Adjustments to prior period tax liabilities | 22 |  | 879 |  | (1,421) |  | 767 |
Revaluation of deferred tax assets due to tax rate change | 352 |  | — |  | 352 |  | — |
Provision for/resolution of tax audits and contingencies, net | — |  | (1,489) |  | 278 |  | (1,733) |
Write-off of net operating losses related to tax audit | — |  | — |  | — |  | 1,830 |
Tax effect of non-deductible foreign exchange loss on intercompany loan | — |  | (13) |  | — |  | 3,656 |
Creation of valuation allowance | — |  | 222 |  | — |  | 222 |
Other | 53 |  | (7) |  | 68 |  | (5) |
Total income tax expense | $ | 13,446 |  | $ | 15,364 |  | $ | 23,486 |  | $ | 27,818 |
(1) Calculated at estimated tax rates of 29.5% and 34.0%, respectively |  |  |  |
Income tax expense for the quarter was computed in accordance with ASC 740-270, Income Taxes – Interim Reporting. Under this method, loss jurisdictions, which cannot recognize a tax benefit with regard to their generated losses, are excluded from the annual effective tax rate (AETR) calculation and their taxes will be recorded discretely in each quarter. In the second quarter of 2020, the Company recorded a net tax benefit of $1.5 million as a result of a US state tax audit settlement; the Company also recorded a net deferred tax expense of $1.0 million due to an adjustment of net operating losses related to settled audits. In the first quarter of 2020, the Company recorded a $1.8 million out-of-period charge related to developments in ongoing tax audits, which resulted in a corresponding decrease in deferred tax assets.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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