Income Taxes

3 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Note 6. Income Taxes

Differences between the U.S. Federal statutory and the Company's effective tax rates for the three month periods ended March 31, 2022 and 2021, were as follows:

	Three Months Ended March 31,
	2022			2021
U.S. Federal statutory rate	21%			21%
U.S. Federal statutory rate on income before income taxes	$	(23,760	)	$	(1,813	)
Tax differential on foreign income		(9,779	)		(2,848	)
Effect of foreign earnings (a)		(996	)		(3,112	)
Valuation allowance (b)		6,189			(11,117	)
Foreign exchange on settlement of debt		3,101			—
Tax benefit of partnership structure		783			893
Non-taxable foreign subsidies		698			748
True-up of prior year taxes		1,662			3,170
Annual effective tax rate adjustment		—			13,300
Other, net		(2,134	)		(1,919	)
Income tax provision	$	(24,236	)	$	(2,698	)
Comprised of:
Current income tax provision	$	(15,853	)	$	(1,494	)
Deferred income tax provision		(8,383	)		(1,204	)
Income tax provision	$	(24,236	)	$	(2,698	)

(a) Primarily relates to the impact of the global intangible low-taxed income provision in the Tax Cuts and Jobs Act of 2017.

(b) Primarily relates to taxable losses and denied interest expense.