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Income Taxes | 9 Months Ended
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Sep. 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 September 30, 2019, the Company recorded an income tax benefit of $7.2 million at an effective income tax rate of 55.1%. The annual effective tax rate differs from the statutory U.S. Federal tax rate due to the impact of state income taxes, nondeductible compensation, partially offset by benefits from income taxes on foreign earnings and federal tax credits. The increase in effective tax rate for the three months ended September 30, 2019 as compared to the same period last year was primarily attributed to the impacts of the current period loss before taxes and additional tax benefits from federal tax credits and permanent provision to return items. For the three months ended September 30, 2018, the Company recorded an income tax benefit of $1.8 million at an effective income tax rate of 48.5%. For the nine months ended September 30, 2019, the Company recorded an income tax benefit of $1.7 million at an effective income tax rate of 21.4%. 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 benefits from income taxes on foreign earnings and federal tax credits. The decrease in effective tax rate for the nine months ended September 30, 2019 as compared to the same period last year was primarily attributed to lower pretax book income as compared to the prior year, and the impact of discrete net tax benefits from provision to return items and federal tax credits. For the nine months ended September 30, 2018, the Company recorded an income tax expense of $5.7 million at an effective income tax rate of 24.4%. During the three months ended September 30, 2019, the company recognized a tax benefit of $3.9 million for federal Research & Development Credits (“R&D Credits”) related to tax years 2015 to 2018 as well as an estimated year-to-date tax benefit for federal R&D Credits for the 2019 tax year. Unrecognized tax benefits of $17.7 million include $17.2 million recorded as a reduction of the deferred tax asset and refundable credits associated with the R&D Credits. The 2019 effective tax rate can be affected by variances in the estimates and amounts of taxable income among the various states, entities and activity types, realization of tax credits, adjustments from resolution of tax matters under review, valuation allowances and the company’s assessment of its liability for uncertain tax positions. The amount of unrecognized tax benefits for uncertain tax positions was $17.7 million as of September 30, 2019, and $0.6 million for the period ended September 30, 2018.

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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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