Income Taxes (Tables)

3 Months Ended

Mar. 31, 2020

A summary of the components of the Company’s deferred tax assets at March 31, 2020 and December 31, 2019 are as follows:


	March 31, 2020			December 31, 2019
Deferred tax assets:
Capital losses	$	17,002		$	8,226
Operating lease liabilities		5,295			5,529
NOLs – International		5,233			9,336
Goodwill and intangible assets		1,622			1,671
Stock-based compensation		1,115			1,754
NOLs – U.S.		514			642
Accrued expenses		373			4,054
Outside basis differences		123			123
Other		159			218

Deferred tax assets		31,436			31,553

Deferred tax liabilities:
Right of use assets – operating leases		4,189			4,400
Fixed assets and prepaid assets		1,309			1,326
Unrealized gains		717			744

Deferred tax liabilities		6,215			6,470

Total deferred tax assets less deferred tax liabilities		25,221			25,083
Less: valuation allowance		(22,358	)		(17,685	)

Deferred tax assets, net	$	2,863		$	7,398

Schedule of Changes in Balance of Gross Unrecognized Tax Benefits

The table below sets forth the aggregate changes in the balance of these gross unrecognized tax benefits during the three months ended March 31, 2020:


	Total			Unrecognized Tax Benefits			Interest and Penalties
Balance on January 1, 2020	$	32,101		$	25,998		$	6,103
Decrease - Lapse of statute of limitations (1)		(5,981	)		(4,620	)		(1,361	)
Increases		76			—			76
Foreign currency translation (2)		(1,767	)		(1,432	)		(335	)

Balance at March 31, 2020	$	24,429		$	19,946		$	4,483

(1)

Recorded as an income tax benefit of $5,981 during the three months ended March 31, 2020, along with an equal and offsetting amount recorded in other losses, net, to recognize a

reduction in the indemnification asset. During the three months ended March 31, 2019, an income tax benefit of $4,309 was recorded along with an equal and offsetting amount in other losses, net.

(2)	The gross unrecognized tax benefits were accrued in British pounds sterling.