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Income Taxes | 9 Months Ended
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Sep. 30, 2019
Income Tax Disclosure [Abstract] |
Income Taxes |
8. | Income Taxes
For the three months ended September 30, 2019 and 2018, we recorded $59.5 million and $67.4 million of income tax expense and had an effective tax rate of 24.9% and 24.6%, respectively. The increase in our effective tax rate for the three months ended September 30, 2019 compared with the same period in 2018 was due to higher state and local income taxes net of the federal benefit and higher employee compensation related impacts from the elimination of the performance based compensation exclusion in tax reform. For the nine months ended September 30, 2019 and 2018, we recorded $184.4 million and $172.6 million of income tax expense and had an effective tax rate of 24.8% and 24.4%, respectively. The increase in our effective tax rate for the nine months ended September 30, 2019 compared with the same period in 2018 was due to higher state and local income taxes net of the federal benefit, higher employee compensation related impacts from restricted stock vests with a lower excess tax benefit (ASU 2016-09), and the elimination of the performance based compensation exclusion in tax reform. Our effective tax rate may differ from the federal statutory income tax rate of 21.0% due primarily to the effect of state and local income taxes. During the nine months ended September 30, 2019 and 2018, cash paid for taxes, net of refunds received, was $138.2 million and $73.2 million, respectively. The increase in cash tax payments between the periods is primarily due to the 2018 use of a federal overpayment carryforward from the 2017 tax year resulting from tax reform related changes. During the three and nine months ended September 30, 2019, there were no significant changes to our uncertain tax positions. For more information, see Note 7, Income Taxes, of the Notes to Consolidated Financial Statements in “Part II, Item 8. Financial Statements and Supplementary Data” of our 2018 Annual Report on Form 10-K.

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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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