Income tax provision (benefit)

3 Months Ended

Mar. 31, 2021

The effective tax rate on pre-tax income (loss) reconciles to the U.S. federal statutory tax rate as follows:


	Quarter Ended March 31, 2021		Year Ended December 31, 2020
Income tax at federal statutory rate	21.0	%	21.0	%
Goodwill impairment charges (Note 7)	—		39.2	%
State income tax expense, net of federal income tax benefit	3.8	%	1.7	%
Tax impact of share-based compensation	2.1	%	7.4	%
Non-deductible executive compensation	0.9	%	2.0	%
Foreign tax rate differences	0.6	%	3.7	%
Change in unrecognized tax benefits, including interest and penalties	0.3	%	(2.9	%)
Payables and receivables for prior year tax returns	(0.9	%)	2.8	%
Research and development tax credit	(0.6	%)	(3.3	%)
Return to provision adjustments	—		(2.3	%)
Change in valuation allowances	—		0.8	%
Other	0.2	%	0.8	%
Effective tax rate	27.4	%	70.9	%

- 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.

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