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Note 14 - Income Tax

9 Months Ended

Sep. 30, 2020

14.

Income Tax

Income tax benefit was approximately $(0.3) million for the three months ended September 30, 2020 and income tax benefit was $(0.1) million for the three months September 30, 2019. The effective tax rate was 22.4% for the three months ended September 30, 2020 compared with 2.0% for the same period in 2019.

Income tax expense was approximately $0.5 million for the nine months ended September 30, 2020 and income tax benefit was $(0.4) million for the nine months ended September 30, 2019. The effective tax rate was (6.7)% for the nine months ended September 30, 2020 compared with 6.5% for the same period in 2019.

The difference between the Company’s effective tax rates in 2020 and 2019 compared to the U.S. statutory tax rate of 21% is primarily due to the mix of 2020 forecasted income or losses in the U.S. and foreign tax jurisdictions, the impact of different tax rates in certain foreign jurisdictions, changes to uncertain tax positions, and the impact of the inclusion of foreign income in U.S. taxable income under the GILTI (Global Intangible Low-Taxed Income) tax rules. The effective tax rate in 2020 was also impacted by increases to valuation allowances and changes made by the CARES Act to the limitation on interest expense deductions, including a retroactive change to the calendar year 2019 deduction.

- 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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