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Income Taxes | 3 Months Ended
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Mar. 31, 2020
Income Taxes [Abstract] |
Income Taxes | 9.INCOME TAXES Income tax expense is recorded relative to the jurisdictions that recognize book earnings. For the three months ended March 31, 2020, the Company recognized an income tax expense of $2.5 million on pre-tax loss of ($43.1) million, representing an effective income tax rate of (5.9%) compared to an income tax expense of $0.7 million on pre-tax income of $2.4 million, representing an effective income tax rate of 29.5% for the same period in 2019. The comparison of pre-tax loss of ($43.1) million for the quarter ended March 31, 2020 to the pre-tax income of $2.4 million from March 31, 2019 should be considered when comparing effective tax rates quarter-over-quarter. A number of items caused the effective income tax rate for the three months ended March 31, 2020 to differ from the US federal statutory income tax rate of 21% including a 25% statutory tax rate in Canada where the Company earns a significant portion of its income, certain nondeductible business expenses in Poland and the other items discussed below. The change in the effective tax rate compared to the same period in 2019 is primarily the result of the valuation allowances recorded in the first quarter of 2020 as well as the impairment of goodwill and intangible assets at certain reporting units, which is described below. During the first quarter of 2020, the Company recorded valuation allowances on its net deferred tax assets related to CMR, resulting in $1.5 million of tax expense and on its net deferred tax assets related to the United States resulting in $1.0 million of tax expense. Based on the analysis of future realization of the CMR and United States deferred tax assets, the Company concluded that it is more likely than not that the benefit from certain deferred tax assets will not be realized and therefore recorded the valuation allowances. Additionally, during the first quarter of 2020, the Company impaired goodwill and intangible assets at certain of its reporting units and recorded $34.0 million to impairment – goodwill and intangible assets on its condensed consolidated statement of (loss) earnings. These impairments affected the income tax rates, but there was limited tax expense associated with these impairments.

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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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