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Income Taxes | 3 Months Ended
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Mar. 31, 2019
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES The Company is subject to U.S. federal income taxes and income taxes in numerous U.S. states. In addition, the Company is subject to income tax in the U.K. and Brazil relative to its foreign subsidiaries. The Company’s effective income tax rate of 25.9% for the three months ended March 31, 2019, was higher than the U.S. federal statutory rate of 21.0%, primarily due to: (1) the taxes provided for in U.S. state jurisdictions; (2) valuation allowances provided for net operating losses and other deferred tax assets in certain U.S. states and in Brazil; (3) unrecognized tax benefits with respect to uncertain tax positions; and (4) tax deductions for restricted stock that were less than the related book expense, partially offset by income generated in the U.K., which is taxed at a 19.0% statutory rate. For the three months ended March 31, 2019, the Company’s effective tax rate increased to 25.9% as compared to 22.4% for the three months ended March 31, 2018. This increase was primarily due to tax deductions for restricted stock that were less than the related book expense, additional valuation allowances provided for net operating losses in Brazil and the impact of New Jersey’s adoption of a unitary tax scheme. The Company recognizes the tax on Global Intangible Low-Taxed (“GILTI”), as a period expense in the period the tax is incurred. Under this policy, the Company has not provided deferred taxes related to temporary differences that, upon their reversal, will affect the amount of income subject to GILTI in the period. For the three months ended March 31, 2019 and 2018, the Company estimated it had no GILTI tax liability. As of March 31, 2019, the Company’s unrecognized tax benefits totaled $1.7 million, including related interest and penalties. To the extent that any such tax benefits are recognized in the future, such recognition would reduce the tax liability in that period by approximately $1.4 million. Consistent with prior treatment of tax related assessments, the Company recognizes interest and penalties related to uncertain tax positions in income tax expense. Based on the statutes of limitations in the applicable jurisdiction in which the Company operates, the Company is generally no longer subject to examinations by U.S. tax authorities in years prior to 2014, by U.K. tax authorities in years prior to 2014 and by Brazil tax authorities in years prior to 2013.

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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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