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Income Taxes | 3 Months Ended
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Mar. 31, 2020
Income Tax Disclosure [Abstract] |
Income Taxes | 3. INCOME TAXES Our effective tax rate decreased from an expense of 28.6% for the three months ended March 31, 2019, to a benefit of 30.5% for the three months ended March 31, 2020. The decrease in the effective tax rate between the two periods was primarily driven by a tax benefit of $7.4 million recognized during the three months ended March 31, 2020 as a result of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) signed into law on March 27, 2020, which allowed for the carryback of federal net operating losses, partially offset with tax expense in our international operations and changes in our valuation allowance related to our domestic operations. The increase in the valuation allowance against our domestic deferred tax assets was recorded in the amount of $6.1 million during the three months ended March 31, 2020. The Company continually reviews the adequacy of its valuation allowance and recognizes the benefits of deferred tax assets only as the reassessment indicates that it is more likely than not that the deferred tax assets will be recognized in accordance with ASC 740, Income Taxes. As of March 31, 2020, the Company had deferred tax assets totaling $62.2 million, and a valuation allowance totaling $54.7 million had been established against those deferred tax assets. The remaining $7.4 million in deferred tax assets not offset by a valuation allowance is located in various foreign jurisdictions where the Company believes it is more likely than not we will realize these deferred tax assets. Our assessment of the realizability of our deferred tax assets includes the evaluation of evidence, some of which requires significant judgement, including historical operating results, the evaluation of our three-year cumulative income position, future taxable income projections and tax planning strategies. Should management’s conclusion change in the future and additional valuation allowance or a partial or full release of the valuation allowance is necessary, it could have a material effect on our consolidated financial statements. Supplemental balance sheet information related to deferred tax assets as of March 31, 2020 and December 31, 2019 is as follows:
|  | March 31, 2020 |
(In thousands) |  | Deferred Tax Assets |  |  | Valuation Allowance |  |  | Deferred Tax Assets, net |
Domestic |  | $ | 52,355 |  |  | $ | (52,355 | ) |  | $ | — |
International |  |  | 9,797 |  |  |  | (2,350 | ) |  |  | 7,447 |
Total |  | $ | 62,152 |  |  | $ | (54,705 | ) |  | $ | 7,447 |
|  | December 31, 2019 |
(In thousands) |  | Deferred Tax Assets |  |  | Valuation Allowance |  |  | Deferred Tax Assets, net |
Domestic |  | $ | 46,266 |  |  | $ | (46,266 | ) |  | $ | — |
International |  |  | 9,911 |  |  |  | (2,350 | ) |  |  | 7,561 |
Total |  | $ | 56,177 |  |  | $ | (48,616 | ) |  | $ | 7,561 |

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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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