Income Tax (Tables)

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Components of income tax expense (benefit)

The components of income tax expense for the three and six months ended June 30, 2021 and 2020, respectively, consisted of the following:

	Three months ended June 30,				Six months ended June 30,
(In thousands)	2021		2020		2021		2020
Current tax provision	$	2,689	$	4,654	$	8,287	$	10,252
Deferred tax benefit	(57)		(134)		(947)		(1,214)
Income tax expense	$	2,632	$	4,520	$	7,340	$	9,038

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, 2021 and 2020, and its segregation based on location of operations:

	Three months ended June 30,				Six months ended June 30,
(In thousands)	2021		2020		2021		2020
Current tax (benefit) provision
Puerto Rico	$	(569)	$	1,528	$	1,035	$	3,207
United States	45		139		75		294
Foreign countries	3,213		2,987		7,177		6,751
Total current tax provision	$	2,689	$	4,654	$	8,287	$	10,252
Deferred tax (benefit) provision
Puerto Rico	$	(226)	$	(458)	$	(520)	$	(546)
United States	242		1,126		(187)		1,101
Foreign countries	(73)		(802)		(240)		(1,769)
Total deferred tax benefit	$	(57)	$	(134)	$	(947)	$	(1,214)

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)	2021		2020
Computed income tax at statutory rates	$	34,513	$	17,602
Differences in tax rates due to multiple jurisdictions	960		1,149
Effect of income subject to tax-exemption grant	(23,863)		(12,050)
Unrecognized tax (benefit) expense	(3,580)		193
Excess tax benefits on share-based compensation	(976)		—
Other, net	286		2,144
Income tax expense	$	7,340	$	9,038