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Income Taxes | 6 Months Ended
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Jun. 30, 2019
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes On a quarterly basis, the Company estimates the effective tax rate expected to be applicable for the full year and makes changes if necessary based on new information or events. The estimated annual effective tax rate is forecasted based on actual historical information and forward-looking estimates and is used to provide for income taxes in interim reporting periods. The Company also recognizes the tax impact of certain unusual or infrequently occurring items, such as the effects of changes in tax laws or rates and impacts from settlements with tax authorities, discretely in the quarter in which they occur. For the three months ended June 30, 2019, the Company recorded income tax expense of $11.0 million at an effective income tax rate of 27.2%. The annual effective tax rate differs from the statutory U.S. Federal tax rate due to the impact of state income taxes, nondeductible compensation, and income taxes on foreign earnings. The effective tax rate for the three-month period ended June 30, 2019 also includes tax benefits from foreign and general business tax credits. The increase in effective tax rate for the three months ended June 30, 2019 as compared to the same period last year was primarily attributed to the impacts of nondeductible compensation and noncontrolling interest, partially offset by benefits from income taxes on foreign earnings. For the three months ended June 30, 2018, the Company recorded an income tax expense of $7.7 million at an effective income tax rate of 26.6%. For the six months ended June 30, 2019, the Company recorded income tax expense of $5.6 million at an effective income tax rate of 26.7%. The annual effective tax rate differs from the statutory U.S. Federal tax rate due to the impact of state income taxes, nondeductible compensation, and income taxes on foreign earnings. The effective tax rate for the six-month period ended June 30, 2019 also includes tax benefits from foreign and general business tax credits. The decrease in effective tax rate for the six months ended June 30, 2019 as compared to the same period last year was primarily attributed to income taxes on foreign earnings and discrete activity in the prior period for a statutory merger that did not recur in the current period. For the six months ended June 30, 2018, the Company recorded an income tax expense of $7.4 million at an effective income tax rate of 27.7%.

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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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