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Income Taxes | 9 Months Ended
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Sep. 30, 2018
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes For the three months ended September 30, 2018 and 2017, the Company’s provision for income taxes, as a percentage of income before income taxes was 57.6 percent and 0.0 percent, respectively, compared with a U.S. federal statutory rate of 21.0 percent and 35.0 percent. For the nine months ended September 30, 2018 and 2017, the Company’s provision for income taxes, as a percentage of income before income taxes was 68.8 percent and 38.2 percent, respectively, compared with a U.S. federal statutory rate of 21.0 percent and 35.0 percent. The difference between the effective tax rate and the U.S. federal statutory tax rate for the three and nine months ended September 30, 2018, was primarily attributed to current year foreign losses, largely related to China, that presently do not provide future tax benefit, as well as net unfavorable foreign items, partially offset by a decrease in the tax liability associated with uncertain tax positions. The difference between the effective tax rate and the U.S. federal statutory tax rate for the three months ended September 30, 2017, was primarily attributed to a decrease in the tax liability associated with uncertain tax positions, partially offset by current year foreign losses, largely related to China, that presently do not provide future tax benefit. The difference between the effective tax rate and the U.S. federal statutory tax rate for the nine months ended September 30, 2017, was primarily attributed to current year foreign losses, largely related to China, that presently do not provide future tax benefit, partially offset by foreign tax credit benefits as well as a decrease in tax liabilities associated with uncertain tax positions. In December 2017, the Tax Cuts and Jobs Act (Tax Reform Act) was signed into law. The provisions of the Tax Reform Act and related guidance provided by Staff Accounting Bulletin No. 118 allow for adjustments throughout 2018 to account for the impacts of the 2017 tax law changes. As of September 30, 2018, additional adjustments related to Global Intangible Low-taxed Income (GILTI) rules and the Foreign Derived Intangible Income (FDII) rules have been made. Furthermore, other adjustments may yet be necessary in future periods due to the significant complexity of the Tax Reform Act and anticipated additional regulatory guidance or technical corrections that may be forthcoming as well as actions the Company may take as a result of tax reform. The Company is continuing to gather additional information and expect to complete its accounting within one year of enactment. The Company’s U.S. federal income tax returns for 2015 through 2017 are open to examination for federal tax purposes. The Company has several foreign tax jurisdictions that have open tax years from 2011 through 2017. As of September 30, 2018, the Company had accrued $2.2 million related to unrecognized tax positions, compared with $4.6 million as of December 31, 2017. This net decrease was primarily attributed to changes in contingencies related to international tax. Interim income taxes are based on an estimated annualized effective tax rate applied to the respective quarterly periods, adjusted for discrete tax items in the period in which they occur. Although the Company believes its tax estimates are reasonable, the Company can make no assurance that the final tax outcome of these matters will not be different from that which it has reflected in its historical income tax provisions and accruals. Such differences could have a material impact on the Company’s income tax provision and operating results in the period in which the Company makes such determination.

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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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