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TAXES ON INCOME | 9 Months Ended
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Sep. 30, 2018
Income Tax Disclosure [Abstract] |
TAXES ON INCOME | TAXES ON INCOME For the three months ended September 30, 2018 and 2017, the effective income tax rate was 18.1% and 35.7%, respectively. The lower effective income tax rate was due primarily to the reduced corporate income tax rate as a result of the TCJA. In addition, during the three months ended September 30, 2018, the Company recognized a $13 million income tax benefit due to the release of tax reserves associated with the expiration of the statute of limitations for certain income tax returns and $4 million of excess tax benefits associated with stock-based compensation arrangements. During the three months ended September 30, 2017, the Company recognized $7 million of excess tax benefits associated with stock-based compensation arrangements. For the nine months ended September 30, 2018 and 2017, the effective income tax rate was 18.8% and 33.2%, respectively. The lower effective tax rate was due primarily to the reduced corporate income tax rate as a result of the TCJA. In addition, during the nine months ended September 30, 2018, the Company recognized $17 million of excess tax benefits associated with stock-based compensation arrangements, a $15 million income tax benefit associated with a change in a tax return accounting method that will enable the Company to accelerate the deduction of certain expenses on its 2017 tax return at the federal corporate statutory rate in effect during 2017, and a $13 million income tax benefit due to the release of tax reserves associated with the expiration of the statute of limitations for certain income tax returns. During the nine months ended September 30, 2017, the Company recognized $36 million of excess tax benefits associated with stock-based compensation arrangements. The Company recognized the income tax effects of the TCJA in its audited consolidated financial statements included in the Company’s 2017 Annual Report on Form 10-K in accordance with Staff Accounting Bulletin No. 118, which provides Securities and Exchange Commission staff guidance for the application of ASC Topic 740, Income Taxes, in the reporting period in which the TCJA was signed into law. The guidance also provides for a measurement period of up to one year from the enactment date for the Company to complete the accounting for the U.S. tax law changes. As such, the Company’s 2017 financial results reflected the provisional estimate of the income tax effects of the TCJA. No subsequent adjustments have been made to the amounts recorded as of December 31, 2017, which continue to represent a provisional estimate of the impact of TCJA. The estimate of the impact of TCJA is based on certain assumptions and the Company's current interpretation, and may change, as the Company receives additional clarification and implementation guidance and as the interpretation of the TCJA evolves over time.

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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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