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INCOME TAXES | 3 Months Ended
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Mar. 31, 2020
INCOME TAXES |
INCOME TAXES | 10. INCOME TAXES The Company determines its periodic income tax provision based upon the current period income and the annual estimated tax rate for the Company adjusted for discrete items including tax credits and changes to prior year estimates. The estimated tax rate is revised, if necessary, as of the end of each successive interim period during the fiscal year to the Company’s current annual estimated tax rate. Income tax provision for the first quarter of 2020 reflects an effective tax rate of 14.4 percent, compared to an effective tax rate of 16.3 percent for the comparable period in the prior year. The decrease in effective rate is primarily due to the effect of permanent differences and discrete adjustments on lower pretax income for the first quarter of 2020 compared to the same period in 2019. The effective rate in both periods includes the effect of beneficial permanent differences including discrete adjustments related to restricted stock dividends. The Coronavirus Aid, Relief and Economic Security (CARES) Act, enacted into law on March 27, 2020, has been evaluated in the Company's tax provision and there is no impact to the tax provision at this time. The impact of the CARES Act will continue to be evaluated throughout 2020.

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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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