XML 81 R18.htm IDEA: XBRL DOCUMENT
v3.20.1

Income Taxes | 3 Months Ended
--- | ---
Mar. 31, 2020
Income Taxes |
12. | Income Taxes
The Company’s effective tax rate for the three months ended March 31, 2020 was 8.1%, compared to 23.4% for the corresponding period in the prior year. The effective tax rate for the three months ended March 31, 2020 was lower than the U.S. statutory rate of 21% due primarily to windfall benefits on stock option exercises and the vesting of stock units. The effective tax rate for the three months ended March 31, 2019 was higher than the U.S. statutory rate of 21% due to state tax effects and the impact of the Global Intangible Low-Taxed Income (“GILTI”) tax enacted as part of the of the Tax Cuts and Jobs Act (“TCJA”) enacted in December 2017 . At December 31, 2019, the Company had federal business tax credit carryforwards of $ 1.2 million and state business tax credit carryforwards of $ 0.9 million available to reduce future domestic income taxes, if any. The business tax credits carryforwards will expire at various dates through December 2039. The net operating loss and business tax credit carryforwards are subject to review and possible adjustment by the Internal Revenue Service and may be limited in the event of certain changes in the ownership interest of significant stockholders. The Company is subject to a territorial tax system under the TCJA, in which the Company is required to provide for tax on GILTI earned by certain foreign subsidiaries. The Company has adopted an accounting policy to provide for the tax expense related to GILTI in the year the tax is incurred as a period expense. On March 27, 2020, President Trump signed the $2.2 trillion bipartisan Coronavirus Aid, Relief, and Economic Security (“CARES”) Act. The CARES Act, the third congressional bill to address COVID-19 , provides for loans and other benefits to businesses, expanded unemployment insurance, direct payments to those with middle-income and below wages, new appropriations funding for healthcare and other priorities, and tax changes, including deferrals of employer payroll tax liabilities, coupled with an employee retention tax credit and rollbacks of TCJA limitations on net operating losses (“NOLs”) and the Section 163(j) business interest limitation and a TCJA technical correction on qualified improvement property. The Company evaluated the provisions of the CARES Act and no provision had a material effect on the Company’s financial position or results of operations at March 31, 2020 and the three months then ended. The Company’s tax returns are subject to examination by federal, state and international tax authorities for the following periods:
Jurisdiction |  | Fiscal Years Subject to Examination |
United States—federal and state |  |  | 2016-2019 |
Sweden |  |  | 2013-2019 |
Germany |  |  | 2019 |
Netherlands |  |  | 2013-2019 |

X
- 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
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration