XML 41 R23.htm IDEA: XBRL DOCUMENT v3.20.1
Income Taxes (Tables)
 3 Months Ended
Mar. 31, 2020
Income Tax Contingency [Line Items]  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
Our income tax expense (benefit) for the three months ended March 31, 2020 and 2019 consisted of the following:
 
Three Months Ended March 31
 
2020
 
2019
Federal current
$
57

 
$
—

Federal deferred
(1,099
)
 
193

Foreign current
688

 
120

Foreign deferred
1,037

(1) 
115

State current
9

 
19

State deferred
64

 
92

Total income tax expense
$
756

 
$
539



(1)
During the three months ended March 31, 2020, we recognized $1.1 million of foreign deferred tax expense (10% tax rate) as we are no longer able to assert indefinite reinvestment in CityOn.Xi'an due to the sale of 50% of our interest to funds managed by Blackstone (Note 2). The tax expense is related to an excess of the Investment in the UJV under GAAP accounting over the tax basis of our investment.
Deferred tax assets and liabilities
Deferred tax assets and liabilities as of March 31, 2020 and December 31, 2019 were as follows:
 
2020
 
2019
 
Deferred tax assets:
 
 
 
 
Federal
$
2,310

(1) 
$
4,385

(2) 
Foreign
2,111

 
2,020

 
State
1,323

 
1,388

 
Total deferred tax assets
$
5,744

 
$
7,793

 
Valuation allowances
(2,772
)
(3) 
(2,761
)
(4) 
Net deferred tax assets
$
2,972

 
$
5,032

 
Deferred tax liabilities:
 
 
 

 
Foreign (5)
$
5,939

 
$
4,449

 
Total deferred tax liabilities
$
5,939

 
$
4,449

 


(1)
Includes a $3.0 million Federal investment tax credit carryforward.
(2)
Includes a $4.4 million Federal investment tax credit carryforward.
(3)
Includes a $1.7 million valuation allowance against Foreign deferred tax assets, and a $1.1 million valuation allowance against State deferred tax assets.
(4)
Includes a $1.7 million valuation allowance against Foreign deferred tax assets, and a $1.1 million valuation allowance against State deferred tax assets.
(5)
The foreign deferred tax liability relates to shareholder level withholding taxes from Korea and China on undistributed profits and an excess of the Investments in the UJVs under GAAP accounting over the tax basis of our investments.