Income Taxes	3 Months Ended
Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	8. INCOME TAXES: The Company’s overall effective tax rate on pre-tax income was different than the statutory rate of 21% due primarily to the adjustment of the valuation allowances against the deferred tax assets. The Company has a valuation allowance recorded against all deferred tax assets as of March 31, 2020. Some or all of this valuation allowance may be reversed in future periods against future income. On December 22, 2017, the Tax Cuts and Jobs Act (the “Tax Act”) was enacted into law. Further guidance and clarifications continue to be issued regarding the regulations and provisions of the Tax Act. The Company will continue to monitor these new regulations and analyze their applicability and impact on the Company. On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. The Company continues to examine the impact that the CARES Act may have on its business but does not expect the impact to be material. The future availability of U.S. federal income tax attributes associated with existing net operating loss carryforwards, interest deduction carryforwards, and other tax attributes of the Company will be affected by the ultimate outcome of the Chapter 11 Cases. Generally speaking, the equitization and termination of indebtedness will result in cancelation of indebtedness income (“CODI”). While anticipated CODI will not result in an immediate tax liability to the Company, such CODI will result in a reduction of our tax attributes. Additionally, the “ownership change” that will result, from the anticipated equitization will, under section 382 of the Internal Revenue Code of 1986, as amended, result in a significant limitation being imposed on our ability to utilize certain tax attributes, unless we are able to, and do not elect to, utilize section 382(l)(5) of the Internal Revenue Code of 1986.

Income Taxes

3 Months Ended

Mar. 31, 2020

8. INCOME TAXES:

The Company’s overall effective tax rate on pre-tax income was different than the statutory rate of 21% due primarily to the adjustment of the valuation allowances against the deferred tax assets.

The Company has a valuation allowance recorded against all deferred tax assets as of March 31, 2020. Some or all of this valuation allowance may be reversed in future periods against future income.

On December 22, 2017, the Tax Cuts and Jobs Act (the “Tax Act”) was enacted into law. Further guidance and clarifications continue to be issued regarding the regulations and provisions of the Tax Act. The Company will continue to monitor these new regulations and analyze their applicability and impact on the Company.

On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. The Company continues to examine the impact that the CARES Act may have on its business but does not expect the impact to be material.

The future availability of U.S. federal income tax attributes associated with existing net operating loss carryforwards, interest deduction carryforwards, and other tax attributes of the Company will be affected by the ultimate outcome of the Chapter 11 Cases. Generally speaking, the equitization and termination of indebtedness will result in cancelation of indebtedness income (“CODI”). While anticipated CODI will not result in an immediate tax liability to the Company, such CODI will result in a reduction of our tax attributes. Additionally, the “ownership change” that will result, from the anticipated equitization will, under section 382 of the Internal Revenue Code of 1986, as amended, result in a significant limitation being imposed on our ability to utilize certain tax attributes, unless we are able to, and do not elect to, utilize section 382(l)(5) of the Internal Revenue Code of 1986.