XML 27 R17.htm IDEA: XBRL DOCUMENT
v3.20.2

Taxes on Income | 6 Months Ended
--- | ---
Jun. 30, 2020
Taxes on Income [Abstract] |
Taxes on Income |
(10) | Taxes on Income
On March 27, 2020, the United States Congress passed and the President signed the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) into law to address the COVID-19 pandemic. One provision of the CARES Act allows net operating losses generated in 2018 through 2020 to be carried back up to five years. Pursuant to this provision of the CARES Act, the Company recorded a federal current benefit for taxes on income for the six months ended June 30, 2020 due to carrying back net operating losses generated between 2018 and 2020 used to offset taxable income generated between 2013 and 2017. This caused a reduction in the effective tax rate during the six months ended June 30, 2020 as net operating losses carried back to tax years 2013 through 2017 are applied at a federal tax rate of 35% applicable to those tax years, compared to a 21% tax rate effective at June 30, 2020. Net operating losses generated in 2018 and 2019 were used to offset taxable income generated between 2013 and 2017 taxed at 35% resulting in a tax benefit of $50,824,000. As a result, during the six months ended June 30, 2020, the Company’s deferred tax asset related to federal net operating losses decreased by $77,262,000. During the six months ended June 30, 2020, the Company received a tax refund of $30,606,000 for its 2018 tax return related to net operating losses being carried back to offset taxable income generated during 2013. At June 30, 2020 the Company had a federal income tax receivable of $125,883,000 included in Accounts Receivable – Other on the balance sheet. Earnings (loss) before taxes on income and details of the provision (benefit) for taxes on income were as follows (in thousands):
|  | Three months ended June 30, |  |  | Six months ended June 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Earnings (loss) before taxes on income: |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 23,861 |  |  | $ | 62,903 |  |  | $ | (495,628 | ) |  | $ | 121,655 |
Foreign |  |  | (27 | ) |  |  | (194 | ) |  |  | (310 | ) |  |  | (609 | )
|  | $ | 23,834 |  |  | $ | 62,709 |  |  | $ | (495,938 | ) |  | $ | 121,046 |
Provision (benefit) for taxes on income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | (18,608 | ) |  | $ | — |  |  | $ | (156,304 | ) |  | $ | — |
Deferred |  |  | 16,149 |  |  |  | 13,517 |  |  |  | (7,294 | ) |  |  | 26,007 |
State and local: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  | 536 |  |  |  | 1,686 |  |  |  | 618 |  |  |  | 3,145 |
Deferred |  |  | 505 |  |  |  | — |  |  |  | (11,294 | ) |  |  | — |
Foreign - current |  |  | (11 | ) |  |  | 66 |  |  |  | 36 |  |  |  | (3 | )
|  | $ | (1,429 | ) |  | $ | 15,269 |  |  | $ | (174,238 | ) |  | $ | 29,149 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration