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Note 12 - Income Taxes

6 Months Ended

Jun. 30, 2020

12.

Income Taxes

The Company files income tax returns in the United States Federal jurisdiction, in a limited number of foreign jurisdictions, and in many state jurisdictions. With few exceptions, the Company is no longer subject to United States Federal, state, or foreign income tax examinations for years before 2015.

The Company recorded income tax expense at an estimated effective income tax rate of 26.7% and 28.8% for the three and six months ended June 30, 2020, respectively, and 13.1% and 11.0% for the three and six months ended June 30, 2019, respectively. The Company’s estimated effective income tax rate for the three months ended June 30, 2020 approximates the statutory rate, while the estimated effective income tax rate for the six months ended June 30, 2020 was impacted primarily by costs associated with the acquisition of Geneva that are expected to be non-deductible for tax purposes. The Company’s estimated effective income tax rate for the three and six months ended June 30, 2019 was impacted by the final Section 965 regulations issued in June 2019 related to certain foreign tax credit aspects of the transition tax, as well as the estimated changes in the Company’s valuation allowance.

- 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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