Income Taxes (Tables)
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12 Months Ended |
Dec. 31, 2020 |
Income Taxes [Abstract] |
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Components Of Pretax Income |
| | | | | | | | | Year Ended December 31, | | | 2020 | | 2019 | | 2018 | | | (In thousands) | United States | | $ (54,425) | | $ 2,900 | | $ (19,461) | Brazil | | 79,453 | | 25,693 | | (38,778) | Argentina | | 185,054 | | 61,217 | | 107,913 | Mexico | | (133,582) | | (168,310) | | (91,681) | Other Countries | | 4,815 | | (28,746) | | (23,445) | | | $ 81,315 | | $ (107,246) | | $ (65,452) |
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Summary Of Income / Asset Tax Expense |
| | | | | | | | | Year Ended December 31, | | | 2020 | | 2019 | | 2018 | | | (In thousands) | Income Tax: | | | | | | | Current: | | | | | | | U.S. | | $ — | | $ 8,705 | | $ (10) | Non-U.S. | | 152,337 | | 39,595 | | 64,028 | | | 152,337 | | 48,300 | | 64,018 | Deferred: | | | | | | | U.S. | | (5,397) | | (13,566) | | (3,618) | Non-U.S. | | (64,918) | | 30,019 | | (89,267) | | | (70,315) | | 16,453 | | (92,885) | Income tax expense (gain) | | 82,022 | | 64,753 | | (28,867) |
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Reconciliation Of Difference Between Actual Provision For Income Taxes And Provision Computed By Applying Income Tax Rate |
| | | | | | | | | Year Ended December 31, | | | 2020 | | 2019 | | 2018 | | | (In thousands) | Net income (loss) before income tax | | $ 81,315 | | $ (107,246) | | $ (65,452) | Income tax rate | | 21% | | 21% | | 21% | Expected income tax gain (expense) | | $ 17,076 | | $ (22,522) | | $ (13,745) | Permanent differences: | | | | | | | Federal and assets taxes | | 146 | | 203 | | 7 | Transfer pricing adjustments | | 1,243 | | 1,161 | | 1,818 | Non-deductible tax | | 2,641 | | 683 | | 1,043 | Non-deductible expenses | | 17,885 | | 9,309 | | 6,982 | Dividend distributions | | 9,381 | | 2,594 | | 1,085 | Non-taxable income | | (3,741) | | (15,418) | | (31,562) | Effect of rates different than statutory | | (3,713) | | (11,521) | | 3,020 | Currency translation | | 11,775 | | (4,201) | | 3,866 | Change in valuation allowance | | 40,874 | | 113,426 | | 3,130 | Argentine tax reform (including changes in income tax rate) | | — | | (2,175) | | 1,217 | Colombian tax reform | | — | | — | | 442 | Deferred tax reversed by merger | | — | | — | | (3,994) | Exchange of convertible note | | — | | — | | (1,756) | Tax Inflation Adjustments | | (7,023) | | (4,940) | | — | Deferred tax reversed by spin-off | | — | | (886) | | — | True up | | (4,522) | | (960) | | (420) | Income tax expense (gain) | | $ 82,022 | | $ 64,753 | | $ (28,867) |
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Composition Of Deferred Tax Assets And Liabilities |
| | | | | | | December 31, | | | 2020 | | 2019 | | | (In thousands) | Deferred tax assets | | | | | Allowance for doubtful accounts | | $ 17,963 | | $ 7,601 | Unrealized net gains on investments | | 2,423 | | 92 | Property and equipment, net | | 15,594 | | 5,467 | Accounts payable and accrued expenses | | 5,009 | | 2,202 | Payroll and social security payable | | 23,516 | | 10,255 | Foreign exchange effect | | 5,399 | | 1,846 | Taxes payable | | 4,843 | | 984 | Non compete agreement | | — | | 155 | Provisions and non-deductible interest | | 70,425 | | 40,593 | Foreign tax credit | | 17,513 | | 12,841 | Tax loss carryforwards | | 162,008 | | 167,420 | Customer Lists | | — | | 220 | Inventories | | 322 | | — | Trademarks | | — | | 24 | Tax inflation adjustments | | 8,460 | | 6,757 | Total deferred tax assets | | 333,475 | | 256,457 | Valuation allowance | | (179,177) | | (138,875) | Total deferred tax assets, net | | 154,298 | | 117,582 | Deferred tax liabilities | | | | | Property and equipment, net | | (5,771) | | (26,761) | Customer lists | | (713) | | (1,043) | Non compete agreement | | (743) | | — | Unrealized net losses on investments | | (121) | | (1,160) | Trademarks | | (86) | | (87) | Goodwill | | (2,962) | | (4,392) | Convertible notes and Capped Call | | (57,813) | | (63,258) | Accounts payable and accrued expenses | | (1,783) | | (1,914) | Payroll and social security payable | | (5,527) | | (313) | Outside Basis Dividends | | (5,974) | | — | Provisions | | (2,143) | | (884) | Non Solicitation Agreement | | — | | (137) | Foreign exchange effect | | (100) | | (3) | Total deferred tax liabilities | | $ (83,736) | | $ (99,952) |
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Tax Loss Carryforwards |
| | | | | | 2023 | $ | 1,426 | 2024 | | 512 | 2025 | | 2,282 | 2026 | | 4,238 | 2027 | | 20,620 | Thereafter | | 103,461 | Without due dates | | 29,469 | Total | $ | 162,008 | | | |
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