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Note 13 - Income Taxes | 6 Months Ended
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Jun. 30, 2019
Notes to Financial Statements |
Income Tax Disclosure [Text Block] |
1 3. | Income Taxes
For the three-month and six-month periods ended June 30, 2019 and 2018, our income tax expense and effective income tax rates were as follows (dollars in millions):
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Income tax expense |  | $ | 18 |  |  | $ | 15 |  |  | $ | 21 |  |  | $ | 21 |
Effective income tax rate |  |  | 29 | % |  |  | 27 | % |  |  | 45 | % |  |  | 26 | %
We estimate our differences between taxable income or loss and recorded income or loss on an annual basis. Our tax provision for each quarter is based upon these full year projections, which are revised each reporting period. These projections incorporate estimates of permanent differences between U.S. GAAP income or loss and taxable income or loss, state income taxes and adjustments to our liability for unrecognized tax benefits to adjust our statutory Federal income tax rate of 21% to our effective income tax rate. For the six-months ended June 30, 2019, these estimates increased or decreased our statutory Federal income tax rate to our effective income tax rate of 45% as follows: state income taxes added 5%, permanent differences between our U.S. GAAP income and taxable income resulted in an increase of 3%. Restricted stock vesting resulted in an decrease of 1%. Divestiture of component 2 goodwill resulted in a increase of 17%. For the six-months ended June 30, 2018, these estimates increased or decreased our statutory Federal income tax rate to our effective income tax rate of 26% as follows: state income taxes added 5%, permanent differences between our U.S. GAAP income and taxable income added 1%, and a discrete share-based compensation adjustment resulted in a reduction of 1%. We have approximately $770 million of federal operating loss carryforwards, that expire during the years 2021 through 2037. We expect to have federal taxable income in the carryforward periods, therefore we believe that it is more likely than not that these federal operating loss carryforwards will be fully utilized. Additionally, we have an aggregate of approximately $858 million of various state operating loss carryforwards, of which we expect that the majority will be utilized.

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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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