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Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2013
Income Taxes |
Schedule of U.S. and foreign income before income taxes | U.S. and foreign income before income taxes consist of the following (in thousands):
|  | 2013 |  | 2012 |  | 2011 |
--- | --- | --- | --- | --- | --- | --- | ---
United States |  | $ | 31,823 |  | $ | 49,021 |  | $ | 56,836 |
Foreign |  |  | 214,842 |  |  | 190,574 |  |  | 181,367 |
|  | $ | 246,665 |  | $ | 239,595 |  | $ | 238,203 |
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):
|  | 2013 |  | 2012 |  | 2011 |
--- | --- | --- | --- | --- | --- | --- | ---
Current: |  |  |  |  |  |  |  |  |  |
U.S. federal statutory tax |  | $ | 8,167 |  | $ | 6,858 |  | $ | 7,685 |
State |  |  | 1,822 |  |  | 938 |  |  | 2,767 |
Foreign |  |  | 36,254 |  |  | 24,649 |  |  | 27,514 |
|  |  | 46,243 |  |  | 32,445 |  |  | 37,966 |
Deferred: |  |  |  |  |  |  |  |  |  |
U.S. federal statutory tax |  |  | 2,171 |  |  | 7,642 |  |  | 6,218 |
State |  |  | 566 |  |  | 1,380 |  |  | 2,194 |
Foreign |  |  | (10,980) |  |  | 643 |  |  | (6,771) |
|  |  | (8,243) |  |  | 9,665 |  |  | 1,641 |
Non-current tax expense (income) |  |  | 1,505 |  |  | (3,866) |  |  | (606) |
|  | $ | 39,505 |  | $ | 38,244 |  | $ | 39,001 |
Reconciliation of the U.S. federal statutory income tax rate to effective income tax rate |
|  | 2013 |  | 2012 |  | 2011
--- | --- | --- | --- | --- | --- | ---
U.S. federal statutory tax rate |  | 35.0% |  | 35.0% |  | 35.0%
Foreign earnings, net of foreign taxes |  | (18.7) |  | (16.7) |  | (18.7)
State income taxes, net of U.S. federal income tax benefit |  | 0.6 |  | 0.6 |  | 1.3
Other permanent differences |  | (0.9) |  | (2.9) |  | (1.2)
Effective income tax rate |  | 16.0% |  | 16.0% |  | 16.4%
Schedule of net deferred tax liabilities | The temporary differences which comprise our net deferred tax liabilities are as follows (in thousands):
|  | As of December 31, |
--- | --- | --- | ---
|  | 2013 |  | 2012 |
Gross Deferred Tax Assets: |  |  |  |  |  |  |
Bad debt reserve |  | $ | 6,426 |  | $ | 4,573 |
Net operating loss |  |  | 774 |  |  | 675 |
Accrued and other shared-based compensation |  |  | 21,393 |  |  | 14,909 |
Accrued expenses |  |  | 10,032 |  |  | 2,069 |
Unrealized derivative losses |  |  | 558 |  |  | 316 |
Customer deposits |  |  | 5,149 |  |  | 7,545 |
Unrealized foreign exchange |  |  | 6,082 |  |  | 914 |
Total gross deferred tax assets |  |  | 50,414 |  |  | 31,001 |
Less: Valuation allowance |  |  | — |  |  | — |
Gross deferred tax assets, net of valuation allowance |  |  | 50,414 |  |  | 31,001 |
Deferred Tax Liabilities: |  |  |  |  |  |  |
Depreciation |  |  | (19,199) |  |  | (11,999) |
Goodwill and intangible assets |  |  | (28,099) |  |  | (23,108) |
Prepaid expenses, deductible for tax purposes |  |  | (3,452) |  |  | (1,719) |
Other |  |  | (740) |  |  | (1,330) |
Gross deferred tax liabilities |  |  | (51,490) |  |  | (38,156) |
Net deferred tax liabilities |  | $ | (1,076) |  | $ | (7,155) |
Reported on the consolidated balance sheets as: |  |  |  |  |  |  |
Other current assets for deferred tax assets, current |  | $ | 32,118 |  | $ | 15,282 |
Identifiable intangible and other non-current assets for deferred tax assets, non-current |  | $ | 16,342 |  | $ | 5,406 |
Accrued expenses and other current liabilities for deferred tax liabilities, current |  | $ | 3,229 |  | $ | 6,084 |
Non-current income tax liabilities, net for deferred tax liabilities, non-current |  | $ | 46,307 |  | $ | 21,759 |
Schedule of expiration of NOL carryforward | The NOLs as of December 31, 2013 originated in various foreign countries including India, Brazil, and The Netherlands. We have recorded a deferred tax asset of $0.8 million reflecting the benefit of the NOL carryforward as of December 31, 2013. This deferred tax asset expires as follows (in thousands):
Expiration Date |  | Deferred Tax Asset
--- | --- | ---
December 31, 2014 |  | $ | 74
December 31, 2021 |  |  | 76
December 31, 2022 |  |  | 455
Indefinite |  |  | 169
Total |  | $ | 774
Schedule of reconciliation of the total amounts of unrecognized income tax benefits |
|  | 2013 |  | 2012 |  | 2011 |
--- | --- | --- | --- | --- | --- | --- | ---
Unrecognized tax benefit – opening balance |  | $ | 22,394 |  | $ | 25,574 |  | $ | 26,293 |
Gross increases – tax positions in prior period |  |  | 2,559 |  |  | — |  |  | — |
Gross decreases – tax positions in prior period |  |  | (39) |  |  | (7,659) |  |  | — |
Gross increases – tax positions in current period |  |  | 4,999 |  |  | 5,730 |  |  | 5,890 |
Gross decreases – tax positions in current period |  |  | — |  |  | — |  |  | (64) |
Settlements |  |  | — |  |  | — |  |  | (62) |
Lapse of statute of limitations |  |  | (3,426) |  |  | (1,251) |  |  | (6,483) |
Unrecognized tax benefit – ending balance |  | $ | 26,487 |  | $ | 22,394 |  | $ | 25,574 |
Schedule of open tax years by jurisdiction with major uncertain tax positions |
|  | Open Tax Year
--- | --- | ---
Jurisdiction |  | Examination in progress |  | Examination not yet initiated
United States |  | 2011 |  | 2010, 2012-2013
Singapore |  | None |  | 2010-2013
United Kingdom |  | None |  | 2004-2013
Brazil |  | 2009 |  | 2010-2013
Chile |  | None |  | 2008-2013
Denmark |  | None |  | 2004-2013

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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 + Details
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