Income Taxes

3 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Note 9 — Income Taxes

For interim income tax reporting, we are required to estimate our annual effective tax rate and apply it to year-to-date pre-tax income (loss), excluding unusual or infrequently occurring discrete items. For the three months ended March 31, 2021, we recorded income tax from continuing operations of $0.0 million, on a loss of $2.3 million. For the three months ended March 31, 2020, we recorded income tax from continuing operations of $0.0, million on income of $7.4 million. The effective income tax rate for the three months ended March 31, 2021 differs from the U.S. federal statutory rate of 21% primarily due to a valuation allowance on various deferred tax assets.

The Company received an income tax refund in February 2021 of approximately $0.6 million related to the Tax Reform Act’s elimination of corporate alternative minimum tax and the ability to receive refunds of AMT credit carryovers. This was the final AMT credit refund due to the Company, as $1.6 million of the total $2.2 million tax benefit recorded in 2017 through 2018 had already been received in prior years.

We file income tax returns, in multiple jurisdictions, that are subject to review by various U.S and state taxing authorities. Our U.S. federal income tax returns for 2017 through 2020, and certain state returns from 2015 to present, are open to examination.