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INCOME TAXES | 6 Months Ended
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Jun. 30, 2020
INCOME TAXES |
INCOME TAXES | 13. INCOME TAXES The income tax provision for interim periods is determined using an estimate of the annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter, the estimate of the annual effective tax rate is updated, and if the estimated effective tax rate changes, a cumulative adjustment is made. There is a potential for volatility of the effective tax rate due to several factors, including changes in the mix of the pre-tax income and the jurisdictions to which it relates, changes in tax laws, settlements with taxing authorities and foreign currency fluctuations. The effective income tax rate as a percentage of income before income taxes was 29.9% and 28.0% in the second quarter 2020 and 2019, respectively. The effective tax rate includes a discrete tax provision of 1.7% and tax benefit of (0.5%) for the second quarters of 2020 and 2019 respectively, related primarily to the recognition of excess tax provision and benefit for share-based payment awards. For the six months ended June 30, 2020 and 2019, the effective income tax rate as a percentage of income before income taxes was 28.8% and 27.7%, respectively. For the six months ended June 30, 2020 and 2019 the effective tax rate includes a discrete tax provision of 0.9% and benefit of (1.1%), respectively, related primarily to the recognition of excess tax provision and benefit for share-based payment awards. The effective rate before discrete items varies from the statutory rate primarily due to differences in state taxes, the impact of international tax provisions in the US, the difference in foreign tax rates and the mix of foreign and domestic income. The increase in the effective income tax rate as a percentage of income before income taxes from second quarter 2019 to 2020 is a result of limited deductibility of executive compensation and the recognition of excess tax provision for share-based awards. In July 2020, U.S. Department of Treasury released Final and Proposed Regulations related to the treatment of income that is subject to high rate of foreign tax under the global intangible low-taxed income (GILTI) and Subpart F income regimes. These provisions would be effective for the Company starting in 2021, but includes retroactive provisions that may allow for early adoption. The Company is currently evaluating the impact of this guidance on its 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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