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Income Taxes | 6 Months Ended
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Jun. 30, 2020
Income Tax Disclosure [Abstract] |
Income Taxes |
11. | Income Taxes
Our provision for income taxes on a consolidated basis was $18.8 million for the three months ended June 30, 2020 as compared to $62.5 million for the three months ended June 30, 2019. The decrease of $43.7 million is primarily related to the corresponding decrease in our consolidated pre-tax book income. Our effective tax rate decreased from 21.9% for the three months ended June 30, 2019 to 18.6% for the three months ended June 30, 2020 primarily due to a higher benefit on a percentage basis of favorable permanent book tax differences in certain non-U.S. jurisdictions due to lower pre-tax book income. Our provision for income taxes on a consolidated basis was $70.0 million for the six months ended June 30, 2020 as compared to $106.4 million for the six months ended June 30, 2019. The decrease of $36.4 million is primarily related to the corresponding decrease in consolidated pre-tax book income. There was no material difference between the effective tax rate of 21.5% and 21.3% for the six months ended June 30, 2020 and 2019, respectively. Our effective tax rate for the three months ended June 30, 2020 was lower than the U.S. federal statutory tax rate of 21% primarily due to a higher benefit on a percentage basis of favorable permanent book tax differences in certain non-U.S. jurisdictions due to lower pre-tax book income. Our effective tax rate for the six months ended June 30, 2020 of 21.5% was not materially different from the federal statutory rate of 21.0%. As of June 30, 2020, the company had gross unrecognized tax benefits of $147.6 million, of which $6.4 million was recorded during the six months ended June 30, 2020, primarily related to the sustainability of certain tax attributes considering unsettled tax law. The CARES Act has not had, nor is it expected to have, a significant impact on our effective tax rate for 2020.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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