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INCOME TAXES | 9 Months Ended
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Sep. 30, 2018
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES The reconciliation of income tax expense with federal income taxes at statutory rate follows (in thousands of dollars):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2018 |  | 2017 |  | 2018 |  | 2017
Federal income tax (21% in 2018 and 35% in 2017) | $ | 35,914 |  |  | $ | 87,499 |  |  | $ | 168,288 |  |  | $ | 254,753 |
States income taxes, net of federal income tax benefit | 4,817 |  |  | 5,996 |  |  | 22,572 |  |  | 17,458 |
Clean energy credit | (2,897 | ) |  | (8,902 | ) |  | (13,575 | ) |  | (25,917 | )
Foreign rate difference | 1,895 |  |  | 2,152 |  |  | 8,880 |  |  | 6,265 |
Impairment and other charges | 27,875 |  |  | — |  |  | 27,875 |  |  | 19,188 |
Stock compensation benefit | (8,289 | ) |  | (575 | ) |  | (18,899 | ) |  | (8,314 | )
Other, net | (3,343 | ) |  | (6,988 | ) |  | 2,657 |  |  | 3,806 |
Income tax expense | $ | 55,972 |  |  | $ | 79,182 |  |  | $ | 197,798 |  |  | $ | 267,239 |
Effective tax rate | 32.7 | % |  | 31.7 | % |  | 24.7 | % |  | 36.7 | %
The Tax Cut and Jobs Act (the Tax Act) was enacted on December 22, 2017. The Company applied Staff Accounting Bulletin (SAB) 118 when accounting for the enactment-date effects of the Tax Act at December 31, 2017 and recorded estimates primarily related to the revaluation of deferred tax balances and the one-time transition tax. As of September 30, 2018, the Company had not completed the analysis for all of the tax effects of the Tax Act and had not recorded any additional adjustments to the amounts recorded at December 31, 2017. The Company expects to complete the Tax Act estimates in the fourth quarter of 2018 and does not expect a material impact to the Consolidated Financial Statements.

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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