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INCOME TAXES | 9 Months Ended
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Sep. 30, 2019
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES Income tax (provision) of $(15.1) million and $(6.8) million for the three and nine months ended September 30, 2019, respectively, represent taxes on U.S. earnings and a reduced benefit on foreign losses at a combined effective income tax provision rate of 857.5% and (30.0)%, respectively. The negative rate for the nine months ended September 30, 2019 reflects tax expense on a pretax book loss. The effective tax rates for the three and nine months ended September 30, 2019 differ from the federal statutory rate of 21% primarily due to state and local taxes and the impact of non-deductible expenses, offset by a benefit for federal credits. Included within the non-deductible expenses is the European goodwill impairment of $9.7 million recorded in the three months ended September 30, 2019, which is not deductible for income tax purposes in the foreign jurisdiction. Income tax (provision) benefit of $(0.9) million and $4.7 million for the three and nine months ended September 30, 2018, respectively, represent taxes on both U.S. and foreign earnings at a combined effective income tax provision rate of 13.6 % and an income tax benefit rate of 27.8 %, respectively. The effective rate for the three months ended September 30, 2018 reflects the reduced U.S. corporate income tax rate offset by state taxes and non-deductible expenses and increased by foreign income taxes relating to uncertain tax positions and a reduced benefit for a carryback claim in a foreign jurisdiction. The effective rate for the nine months ended September 30, 2018 reflects the reduced U.S. corporate income tax rate, increased by state and local taxes and the impact of nondeductible expenses and offset by foreign taxes. The Company has identified the following jurisdictions as “major” tax jurisdictions: U.S. Federal, California, Massachusetts, New York, New Jersey, Illinois, Georgia and the United Kingdom. The Company’s 2015 U.S. Federal income tax return and New York State tax returns for years 2014-2016 remain under audit with no material assesments as of September 30, 2019. The Company evaluates its tax positions on a quarterly basis and revises its estimates accordingly. There were no material changes to the Company’s uncertain tax positions, interest, or penalties during the three-month periods ended September 30, 2019 and September 30, 2018.

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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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