Income Tax (Tables)

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Components of income tax expense

The components of income tax expense for the three months ended March 31, 2024 and 2023, respectively, consisted of the following:

	Three months ended March 31,
(In thousands)	2024		2023
Current tax provision	$	6,012	$	5,026
Deferred tax benefit	(5,720)		(2,208)
Income tax (benefit) expense	$	292	$	2,818

Segregation of income tax expense based on location of operations

The following table presents the components of income tax expense for the three months ended March 31, 2024 and 2023, and its segregation based on location of operations:

	Three months ended March 31,
(In thousands)	2024		2023
Current tax provision
Puerto Rico	$	606	$	1,180
United States	90		11
Foreign countries	5,316		3,835
Total current tax provision	$	6,012	$	5,026
Deferred tax benefit
Puerto Rico	$	(3,659)	$	(235)
United States	(9)		(26)
Foreign countries	(2,052)		(1,947)
Total deferred tax benefit	$	(5,720)	$	(2,208)

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:

	Three months ended March 31,
(In thousands)	2024		2023
Computed income tax at statutory rates	$	6,260	$	12,330
Differences in tax rates due to multiple jurisdictions	1,419		1,029
Effect of income subject to tax-exemption grant	(8,252)		(8,849)
Unrecognized tax expense	142		34
Excess tax benefits on share-based compensation	(526)		(91)
Tax credits for research and development activities	—		(884)
Other, net	1,249		(751)
Income tax expense	$	292	$	2,818