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Income Tax Matters | 6 Months Ended
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Jun. 30, 2020
Income Tax Disclosure [Abstract] |
Income Tax Matters | 11. Income Tax Matters The provision for income taxes consisted of the following for the periods presented (in millions of dollars):
|  | Quarter Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Domestic |  | $ | 1.0 |  |  | $ | 6.8 |  |  | $ | 10.6 |  |  | $ | 16.3 |
Foreign |  |  | 0.3 |  |  |  | 0.5 |  |  |  | 0.3 |  |  |  | 0.8 |
Total |  | $ | 1.3 |  |  | $ | 7.3 |  |  | $ | 10.9 |  |  | $ | 17.1 |
The income tax provision for the quarters ended June 30, 2020 and June 30, 2019 was $1.3 million and $7.3 million, respectively, reflecting an effective tax rate of (24%) and 27%, respectively. The difference between the effective tax rate and the projected blended statutory tax rate for the quarter ended June 30, 2020 was primarily due to: (i) an increase of $1.0 million (or 19% of taxable income) to the valuation allowance for certain state net operating losses and (ii) an increase of $1.9 million (or 37% of taxable income) for a change in forecasted earnings and its impact on the annual effective tax rate. The difference between the effective tax rate and the projected blended statutory tax rate for the quarter ended June 30, 2019 was primarily due to: (i) an increase of $0.5 million (2% of taxable income) related to non-deductible compensation expense and (ii) an increase of $0.2 million (1% of taxable income) related to unrecognized tax benefits, including interest and penalties. The income tax provision for the six months ended June 30, 2020 and June 30, 2019 was $10.9 million and $17.1 million, respectively, reflecting an effective tax rate of 33% and 27% respectively. The difference between the effective tax rate and the projected blended statutory tax rate for the six months ended June 30, 2020 was primarily due to: (i) an increase of $0.8 million (or 2% of taxable income) related to non-deductible compensation expense; (ii) an increase of $1.3 million (or 4% of taxable income) to the valuation allowance for certain state net operating losses, partially offset by (i) a decrease of $0.6 million (or 2% of taxable income) for the recognition of excess tax benefits from stock-based compensation. The difference between the effective tax rate and the projected blended statutory tax rate for the six months ended June 30, 2019 was primarily due to: (i) an increase of $0.9 million (or 2% of taxable income) related to non-deductible compensation expense; (ii) an increase of $0.8 million (or 1% of taxable income) to the valuation allowance for certain state net operating losses, partially offset by (i) a decrease of $0.5 million (or 1% of taxable income) for the recognition of excess tax benefits from stock-based compensation. Our gross unrecognized benefits relating to uncertain tax positions were $3.9 million and $4.1 million at June 30, 2020 and December 31, 2019, respectively, of which, $0.4 million and $0.9 million would be recorded through our income tax provision and thus impact the effective tax rate at June 30, 2020 and December 31, 2019, respectively, if the gross unrecognized tax benefits were to be recognized. We do not expect our gross unrecognized tax benefits to significantly change within the next 12 months. On March 27, 2020, Congress enacted the Coronavirus Aid, Relief, and Economic Security ("CARES") Act to provide certain relief as a result of the COVID-19 pandemic. We are currently evaluating how provisions in the CARES Act will impact our consolidated financial statements.

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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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