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INCOME TAXES | 6 Months Ended
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Jun. 30, 2020
INCOME TAXES |
INCOME TAXES | 12. INCOME TAXES The Company determines its periodic income tax expense or benefit based upon the current period income or loss and the annual estimated tax rate for the Company adjusted for discrete items including changes to prior period estimates. The estimated tax rate is revised, if necessary, as of the end of each successive interim period during the fiscal year to the Company’s current annual estimated tax rate. For the three months ended June 30, 2020, the effective rate reflects a benefit of 35.7 percent compared to a provision of 29.6 percent for the comparable period in the prior year. For the six months ended June 30, 2020, the effective rate reflects a benefit of 28.0 percent compared to a provision of 30.0 percent for the comparable period in the prior year. The effective tax rate for the current quarter reflects a net discrete provision totaling $2.1 million related primarily to revaluing certain deferred tax assets and liabilities recorded as of December 31, 2019 that are expected to be recognized in 2020. The Coronavirus Aid, Relief and Economic Security (CARES) Act, enacted into law on March 27, 2020, provides the opportunity for a five-year carryback of net operating losses for the tax years ended 2018, 2019 and 2020. The Company expects to realize the benefit of its tax year 2019 net operating loss carryback to tax year 2014 where the tax rate was 35 percent and therefore, recognized a discrete tax benefit of $13.1 million during the first quarter. In addition, the Company recorded a net discrete tax provision during the current quarter of $1.6 million and $35.8 million for the six months ended June 30, 2020 related to certain deferred tax assets and liabilities recorded as of December 31, 2019 that are expected to be recognized in 2020. The expected reversal of these deferred tax assets and liabilities are estimates based on available information at this time and the Company expects to refine these estimates in subsequent quarters as better information becomes 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 + Details
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