Income Tax (Tables)

6 Months Ended

Jun. 30, 2020

Components of income tax expense (benefit)

The components of income tax expense for the three and six months ended June 30, 2020 and 2019, respectively, consisted of the following:



	Three months ended June 30,						Six months ended June 30,
(In thousands)	2020			2019			2020			2019
Current tax provision	$	4,654		$	3,428		$	10,252		$	8,119
Deferred tax benefit	(134		)	(939		)	(1,214		)	(1,821		)
Income tax expense	$	4,520		$	2,489		$	9,038		$	6,298

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, 2020 and 2019, and its segregation based on location of operations:



	Three months ended June 30,						Six months ended June 30,
(In thousands)	2020			2019			2020			2019
Current tax provision (benefit)
Puerto Rico	$	1,528		$	1,503		$	3,207		$	3,316
United States	139			(97		)	294			15
Foreign countries	2,987			2,022			6,751			4,788
Total current tax provision	$	4,654		$	3,428		$	10,252		$	8,119
Deferred tax (benefit) provision
Puerto Rico	$	(458	)	$	(1,119	)	$	(546	)	$	(1,595	)
United States	1,126			373			1,101			1
Foreign countries	(802		)	(193		)	(1,769		)	(227		)
Total deferred tax benefit	$	(134	)	$	(939	)	$	(1,214	)	$	(1,821	)

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)	2020			2019
Computed income tax at statutory rates	$	17,602		$	22,563
Benefit of net tax-exempt interest income	(15		)	(36		)
Differences in tax rates due to multiple jurisdictions	1,149			3
Tax benefit due to a change in estimate	131			300
Effect of income subject to tax-exemption grant	(12,050		)	(16,322		)
Unrecognized tax expense	193			202
Other expense (benefit)	2,028			(412		)
Income tax expense	$	9,038		$	6,298