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Income Taxes | 3 Months Ended
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Mar. 31, 2017
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes Our income tax provision for the periods presented and the respective effective income tax rates for such periods are as follows (in millions, except for income tax rates):
|  | For the Three Months ended |
|  | March 31, |
|  | 2017 |  |  | 2016 |
Income tax provision |  | $ | 5.0 |  |  | $ | 3.1 |
Effective income tax rate |  | 13.9 | % |  | 5.7 | %
Our provision for income taxes for each of the three-month periods ended March 31, 2017 and 2016 was calculated based on the estimated annual effective income tax rate for the full 2017 and 2016 fiscal years. Our provision for income taxes for the three months ended March 31, 2017 was adjusted for an income tax expense of $1.2 million, net, for discrete items related to changes in estimates in uncertain tax positions and an adjustment for stock based compensation in accordance with ASU 2016-09. Without the $1.2 million expense, the three month period ended March 31, 2017 effective income tax rate would have been 10.6%. Our provision for income taxes for the three months ended March 31, 2016 was adjusted for an income tax benefit of $4.0 million, net, for discrete items related to changes in estimates in uncertain tax positions. Without the $4.0 million adjustment, the three month period ended March 31, 2016 effective income tax rate would have been 15.4%. The actual effective income tax rate for the full 2017 fiscal year may be materially different as a result of differences between estimated versus actual results and the geographic tax jurisdictions in which the results are earned. We operate under a special income tax concession in Singapore which began January 1, 2008. Our current five year special income tax concession was effective January 1, 2013. The special income tax concession is conditional upon our meeting of certain employment and investment thresholds which, if not met in accordance with our agreement, may eliminate the benefit beginning with the first year in which the conditions are not satisfied. The income tax concession reduces the income tax rate on qualified sales and the impact of this income tax concession decreased foreign income taxes by $0.8 million and $0.6 million for the three months ended March 31, 2017 and 2016, respectively. The impact of the income tax concession on basic earnings per common share was $0.01 and $0.01 for the three months ended March 31, 2017 and 2016, respectively. On a diluted earnings per common share basis, the impact was $0.01 and $0.01 for the three months ended March 31, 2017 and 2016, respectively. Subsequent to the quarter ended March 31, 2017, we signed an agreement with the Internal Revenue Service (IRS) which effectively closed the income tax audit for the tax years 2011 and 2012. The matter had already been provided for within our reserve estimates. The South Korean branch of one of our subsidiaries received an income tax assessment notice for the year 2011 and an income tax pre-assessment for the years 2012 - 2014 totaling $8.0 million (KRW 9.2 billion). We disagree with the South Korean tax authorities' assessment and are appealing.

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32559-109319 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32718-109319 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32537-109319 + Details
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