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Income Taxes | 6 Months Ended
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Jun. 30, 2020
Income Tax Disclosure [Abstract] |
Income Taxes | INCOME TAXES For interim periods, we recognize income tax expense 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 first six months of 2020 reflected an estimated annual tax rate of 26%, compared with 24% for the first six months of 2019. The effective tax rate, including discrete items, for the three and six months ended June 30, 2020 were 37% and 30%, respectively, compared to 16% and 20% for the comparable periods in 2019. The 2020 increase in the total effective tax rate was primarily due to the effect of discrete items discussed below. We recognized a discrete tax expense of $5 million during the six months ended June 30, 2020 related to the surrender of a corporate-owned life insurance contract and a sale of ARS. In addition, a net discrete tax benefit of $2 million and $3 million was recognized in the six months ended June 30, 2020 and 2019, respectively, principally related 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 provided for changes to the U.S. tax code that impact businesses. As of June 30, 2020, we have made a reasonable estimate of the effects on our U.S. current and deferred tax balances.

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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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