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Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2012
Income Taxes |
Schedule of U.S. and foreign income (loss) before income taxes | U.S. and foreign income (loss) before income taxes consist of the following (in thousands):
|  | 2012 |  | 2011 |  | 2010 |
--- | --- | --- | --- | --- | --- | --- | ---
United States |  | $ | 49,021 |  | $ | 56,836 |  | $ | (2,886) |
Foreign |  |  | 190,574 |  |  | 181,367 |  |  | 180,416 |
|  | $ | 239,595 |  | $ | 238,203 |  | $ | 177,530 |
Schedule of components of income tax provision (benefit) | The income tax provision (benefit) related to income before income taxes consists of the following components (in thousands):
|  | 2012 |  | 2011 |  | 2010 |
--- | --- | --- | --- | --- | --- | --- | ---
Current: |  |  |  |  |  |  |  |  |  |
U.S. federal statutory tax |  | $ | 6,858 |  | $ | 7,685 |  | $ | 12,245 |
State |  |  | 938 |  |  | 2,767 |  |  | 1,358 |
Foreign |  |  | 24,649 |  |  | 27,514 |  |  | 22,367 |
|  |  | 32,445 |  |  | 37,966 |  |  | 35,970 |
Deferred: |  |  |  |  |  |  |  |  |  |
U.S. federal statutory tax |  |  | 7,642 |  |  | 6,218 |  |  | (3,776) |
State |  |  | 1,380 |  |  | 2,194 |  |  | (1,926) |
Foreign |  |  | 643 |  |  | (6,771) |  |  | (1,677) |
|  |  | 9,665 |  |  | 1,641 |  |  | (7,379) |
Non-current tax (income) expense |  |  | (3,866) |  |  | (606) |  |  | 2,436 |
|  | $ | 38,244 |  | $ | 39,001 |  | $ | 31,027 |
Reconciliation of the U.S. federal statutory income tax rate to effective income tax rate |
|  | 2012 |  | 2011 |  | 2010
--- | --- | --- | --- | --- | --- | ---
U.S. federal statutory tax rate |  | 35.0% |  | 35.0% |  | 35.0%
Foreign earnings, net of foreign taxes |  | (16.7) |  | (18.7) |  | (18.6)
State income taxes, net of U.S. federal income tax benefit |  | 0.6 |  | 1.3 |  | 0.1
Other permanent differences |  | (2.9) |  | (1.2) |  | 1.0
Effective income tax rate |  | 16.0% |  | 16.4% |  | 17.5%
Schedule of net deferred income tax (liabilities) assets | The temporary differences which comprise our net deferred income tax (liabilities) assets are as follows (in thousands):
|  | As of December 31, |
--- | --- | --- | ---
|  | 2012 |  | 2011 |
Gross Deferred Income Tax Assets: |  |  |  |  |  |  |
Excess of provision for bad debts over charge-offs |  | $ | 4,573 |  | $ | 4,744 |
Net operating loss |  |  | 675 |  |  | 66 |
Accrued compensation expenses recognized for financial reporting purposes, not currently deductible for tax purposes |  |  | 14,909 |  |  | 20,099 |
Accrued expenses |  |  | 2,069 |  |  | 1,680 |
Unrealized derivative losses |  |  | 316 |  |  | — |
Customer deposits |  |  | 7,545 |  |  | 6,154 |
Unrealized foreign exchange |  |  | 914 |  |  | 906 |
Total gross deferred income tax assets |  |  | 31,001 |  |  | 33,649 |
Less: Valuation allowance |  |  | — |  |  | — |
Gross deferred income tax assets, net of valuation allowance |  |  | 31,001 |  |  | 33,649 |
Deferred Income Tax Liabilities: |  |  |  |  |  |  |
Excess of tax over financial reporting for depreciation of fixed assets |  |  | (11,999) |  |  | (4,650) |
Excess of tax over financial reporting amortization of identifiable intangible assets and goodwill |  |  | (23,108) |  |  | (15,772) |
Prepaid expenses, deductible for tax purposes |  |  | (1,719) |  |  | (1,204) |
Unrealized derivative gains |  |  | — |  |  | (5,572) |
Other |  |  | (1,330) |  |  | (834) |
Gross deferred income tax liabilities |  |  | (38,156) |  |  | (28,032) |
Net deferred income tax (liabilities) assets |  | $ | (7,155) |  | $ | 5,617 |
Reported on the consolidated balance sheets as: |  |  |  |  |  |  |
Other current assets for deferred income tax assets, current |  | $ | 15,282 |  | $ | 13,238 |
Non-current other assets for deferred income tax assets, non-current |  | $ | 5,406 |  | $ | 2,661 |
Accrued expenses and other current liabilities for deferred income tax liabilities, current |  | $ | 6,084 |  | $ | 1,009 |
Non-current income tax liabilities, net for deferred income tax liabilities, non-current |  | $ | 21,759 |  | $ | 9,273 |
Schedule of reconciliation of the total amounts of unrecognized income tax benefits |
|  | 2012 |  | 2011 |  | 2010 |
--- | --- | --- | --- | --- | --- | --- | ---
Unrecognized tax benefit – opening balance |  | $ | 25,574 |  | $ | 26,293 |  | $ | 27,158 |
Gross decreases – tax positions in prior period |  |  | (7,659) |  |  | — |  |  | — |
Gross increases – tax positions in current period |  |  | 5,730 |  |  | 5,890 |  |  | 4,095 |
Gross decreases – tax positions in current period |  |  | — |  |  | (64) |  |  | (1,629) |
Settlements |  |  | — |  |  | (62) |  |  | — |
Lapse of statute of limitations |  |  | (1,251) |  |  | (6,483) |  |  | (3,331) |
Unrecognized tax benefit – ending balance |  | $ | 22,394 |  | $ | 25,574 |  | $ | 26,293 |
Schedule of open tax years by jurisdiction with major uncertain tax positions |
Jurisdiction |  | Examination in progress |  | Open Tax Year
--- | --- | --- | --- | ---
United States |  | None |  | 2008-2012
Singapore |  | None |  | 2009-2012
United Kingdom |  | None |  | 2007-2012
Brazil |  | 2009 |  | 2008-2012
South Korea |  | None |  | 2007-2012
Netherlands |  | None |  | 2010-2012
Chile |  | None |  | 2009-2012
Denmark |  | None |  | 2004-2012

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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/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 48 -Paragraph 21 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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- Definition Tabular disclosure of income tax examinations that an enterprise is currently subject to or that have been completed in the current period typically including a description of the examination, the jurisdiction conducting the examination, the tax year(s) under examination, the likelihood of an unfavorable settlement, the range of possible losses, the liability recorded, the increase or decrease in the liability from the prior period, and any penalties and interest that have been recorded. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 48 -Paragraph 21 -Subparagraph e -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 14 -Paragraph 3 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -URI http://asc.fasb.org/extlink&oid=21917533&loc=d3e36027-109320 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (c),(d)(2)-(3) -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 + Details
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