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INCOME TAXES | 3 Months Ended
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Mar. 31, 2021
INCOME TAXES |
INCOME TAXES | 12. INCOME TAXES The effective tax rate for the first quarter of 2021 reflects a benefit of 6.9 percent, compared to a benefit of 26.7 percent for the first quarter of the prior year. Historically, the Company has determined its quarterly income tax expense (benefit) under ASC 740, Income Taxes (“ASC 740”) by computing an estimated annual effective tax rate and applying the rate to the current period income (loss) and adjusting for discrete items including changes to prior period estimates. However, the Company recorded income taxes for the first quarter of 2021, using the discrete method, provided for under ASC 740-270-30-18, by applying the actual year-to-date effective tax rate to its current period pre-tax loss for the quarter. The Company believes at this time that the discrete method provides a more reliable estimate of its income tax benefit for the three months ended March 31, 2021 because small changes in the projected annual income resulted in significant changes to the estimated annual effective tax rate. The effective tax rate for the first quarter of 2021 reflects a net discrete provision totaling $1.2 million compared to a net discrete provision totaling $22.8 million for the first quarter of 2020. The effective rate for both the first quarter of 2021 and the first quarter of 2020 include discrete adjustments related to share based compensation of $1.2 million and $1.6 million, respectively. Additionally, the effective rate for the first quarter of 2020 reflects tax impacts from the provisions provided for in the Coronavirus Aid Relief and Economic Securities Act of 2020 (“CARES Act”), including the revaluation impact of certain deferred tax assets and liabilities that were recognized in 2020, partially offset by the beneficial revaluation of net operating losses related to tax year 2019 which the Company carried back to the 2014 tax year.

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 + Details
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