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Income Taxes | 3 Months Ended
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Mar. 31, 2020
Income Tax Disclosure [Abstract] |
Income Taxes | INCOME TAXES For interim periods, accounting standards require that income tax expense be determined by applying the estimated annual effective income tax rate to year-to-date results unless this method does not result in a reliable estimate of year-to-date income tax expense. Each period, the income tax accrual is adjusted to the latest estimate, and the difference from the previously accrued year-to-date balance is adjusted to the current quarter. Changes in profitability estimates in various jurisdictions will impact our quarterly effective income tax rates. The tax provision for income taxes for the three months ended March 31, 2020 and 2019, reflected an estimated annual effective tax rate of 26%, excluding discrete items discussed below. The total effective tax rate for the three months ended March 31, 2020 and 2019, including discrete items, was 22% and 21%, respectively. We recorded a net discrete tax benefit of $2 million during the first three months of 2020 and 2019. In both periods, the discrete benefits related primarily to excess tax benefits from stock-based compensation. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted into law and provides for changes to the U.S. tax code that impact businesses. Some of the key income tax changes that could have an impact on LP include relaxation of the interest deduction limitation rules, the expansion of the Net Operating Loss utilization rules, and the eligibility of Qualified Improvement Property for bonus depreciation. As of March 31, 2020, we have made a reasonable estimate of the effects on our current and deferred tax balances, if any. As further guidance is released and the implications are better understood, we will adjust this estimate as necessary.

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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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