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Income Taxes | 9 Months Ended
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Sep. 30, 2018
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The Company’s provision for income taxes in interim periods is computed by applying an estimated annual effective tax rate against Income before taxes for the period in addition to recording any tax effects of discrete items for the three and nine months ended September 30, 2018. For interim reporting purposes, the Company recorded a benefit to the Income taxes of $0.4 million as a discrete item related to excess tax benefits associated with the vesting of restricted stock units for the nine months ended September 30, 2018. The provision for income taxes was $0.2 million and $14.5 million for the three months ended September 30, 2018 and 2017, respectively. The provision for income taxes was $13.4 million and $46.8 million for the nine months ended September 30, 2018 and 2017, respectively. The Company recorded a $1.0 million immaterial out of period adjustment in connection with the filing of the 2017 U.S. federal income tax return, resulting in an income tax benefit in the third quarter. Additionally, under Staff Accounting Bulletin No. 118 (“SAB 118”), the Company recorded a $0.6 million income tax benefit as a measurement period adjustment for the income tax effects related to the Tax Act for which the accounting under ASC 740 is incomplete and provisional estimates were recorded in the period of enactment. As a result of the total adjustments of $1.6 million, the Company revised the provisional estimate of the deferred income tax benefit attributable to the reduction in the U.S. federal corporate tax rate from 35% to 21% as originally recorded in December 2017. These adjustments decrease the Company’s effective tax rate for the nine months ended September 30, 2018 by 2.8%. The Company has not completed the accounting for the income tax effects of the Tax Act and the amounts recorded under SAB 118 remain provisional. The Company will complete the accounting for the income tax effects of the Tax Act during the quarter ending December 31, 2018. As a result of the early adoption of ASU 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220), Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, during the nine months ended September 30, 2018, the Company elected to reclassify $0.4 million from Accumulated other comprehensive income to Retained earnings. The reclassification results from the remeasurement of deferred taxes pursuant to the Tax Act related to the Company’s pension plan that was recognized as a component of Income taxes related to continuing operations for the year ended December 31, 2017 which was originally recognized in Other comprehensive income. The Company elected the optional transition method and recorded the adjustment at the beginning of the period of adoption of ASU 2018-02. The Company’s current accounting policy related to stranded tax effects in Accumulated other comprehensive income is to review and reclassify on an item by item basis.

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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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