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INCOME TAXES | 6 Months Ended
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Jun. 30, 2020
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES During the three months ended June 30, 2020, the Company recognized income tax benefit of $3.0 million on a loss of $6.2 million, an effective tax rate of 48.4%, as compared to income tax expense of $20.3 million on income of $101.9 million, an effective tax rate of 19.9%, for the three months ended June 30, 2019. The higher effective tax rate for the three months ended June 30, 2020 is primarily due to tax benefits from geographic mix and the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), partially offset by increased U.S. tax on foreign income, when compared with the three months ended June 30, 2019. During the six months ended June 30, 2020, the Company recognized income tax benefit of $3.8 million on a loss of $31.7 million, an effective tax rate of 12.0%, as compared to income tax expense of $38.3 million on income of $177.1 million, an effective tax rate of 21.6%, for the six months ended June 30, 2019. The lower effective tax rate for the six months ended June 30, 2020 is primarily due to increased U.S. tax on foreign income, partially offset by tax benefits from geographic mix and the CARES Act, when compared with the six months ended June 30, 2019.

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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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