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Income Taxes | 3 Months Ended
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Mar. 31, 2018
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes Unrecognized Tax Benefits The Company did not have a significant change to its unrecognized tax benefits for the three months ended March 31, 2018. The Company’s uncertain tax positions relate to tax years that remain subject to audit by the taxing authorities in the U.S. federal, state and local, and foreign jurisdictions. Based on the current status of its income tax audits, the Company does not believe that a significant portion of its unrecognized tax benefits will be resolved in the next twelve months. Effective Tax Rate The Company’s income tax benefit for the three months ended March 31, 2018 and 2017 was $8 million and $32 million, respectively, resulting in an effective tax rate of 4.6% and 18.3%, respectively. The effective tax rate for the three months ended March 31, 2018 primarily reflects the reduced federal income tax rate of 21.0% as a result of Tax Reform, the 23.4% unfavorable impact of future non-deductible share-based compensation, 11.0% unfavorable impact of permanent non-deductible expenses primarily associated with the Koch Preferred Securities, offset by the 16.1% favorable impact of tax adjustments related to prior year state returns filed in the current period. The effective tax rates for both periods reflect the tax impact of permanent items, state tax expense, changes in tax laws, and non-U.S. net earnings. The effective tax rate can vary from period to period due to permanent tax adjustments, discrete items such as the settlement of income tax audits and changes in tax laws, as well as recurring factors such as changes in the overall effective state tax rate. Tax Reform In connection with Tax Reform, the SEC issued SAB 118 that allows companies to record provisional estimates of the effects of the legislative change, and a one-year measurement period to finalize the accounting of those effects. During the three months ended March 31, 2018, the Company did not record any significant measurement period adjustments to the provisional amounts recorded in the 2017 consolidated financial statements. The Company expects to complete the accounting for the impact of Tax Reform during 2018.

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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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