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Income Taxes (Notes)

9 Months Ended

Sep. 30, 2019

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

Note J – Income Taxes

The Company’s provision for income taxes for the three and nine months ended September 30, 2019 and 2018, respectively, is based on the estimated annual effective tax rate, net of any discrete items. The following table presents the provision for income taxes and the effective tax rates for the three and nine months ended September 30, 2019 and 2018:

	Three Months Ended September 30,								Nine Months Ended September 30,
	2019				2018				2019				2018
Income before provision for income taxes	$	69,002			$	71,076			$	160,749			$	150,847
Provision for income taxes	$	15,886			$	14,757			$	36,257			$	32,885
Effective tax rate	23.0		%		20.8		%		22.6		%		21.8		%

The primary change between the Company’s effective tax rates for the three months ended September 30, 2019 compared to 2018 is due to a reversal of the GILTI tax impact in the prior-year period. The primary change between the Company’s effective tax rate for the nine months ended September 30, 2019 compared to 2018 is due to a decrease in the amount of stock compensation tax benefit taken in 2019 and a partially offsetting decrease in the state taxes incurred.

The Company recognizes interest and penalties, if any, related to uncertain income tax positions in income tax expense. Accrued interest and penalties on unrecognized tax benefits and interest and penalty expense was immaterial to the consolidated financial statements for all periods presented. The unrecognized tax benefits have not materially changed for the nine months ended September 30, 2019.

The Company files income tax returns in the U.S., for federal, state, and local purposes, and in certain foreign jurisdictions. The Company's tax years 2016 through 2018 remain open to examination by most taxing authorities.

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- References

No definition available.

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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

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