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Income Taxes

9 Months Ended

Sep. 30, 2020

10. Income Taxes

The Company's provision (benefit) for income taxes and effective tax rates for the three and nine months ended September 30, 2020 and 2019 are presented in the following table:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019

	(Dollars in thousands)
Earnings (loss) before provision (benefit) for income taxes	$	(3,733)		$	8,614		$	(15,016)		$	15,758
Income tax provision (benefit)	$	2,136		$	2,029		$	(1,426)		$	3,691
Effective tax rate		(57.2)	%		23.6	%		9.5	%		23.4	%

The Company's third quarter and year-to-date 2020 income tax provisions included $2.0 million of tax expense related to deferred tax assets of the Company's foreign subsidiaries. The Company's 2020 effective tax rates were also impacted because it has not recorded an income tax benefit on foreign subsidiary losses, and, in the U.S., the Company has the ability to carry back current year losses to a tax year when the U.S. federal statutory tax rate was 35%, which is currently permitted under the U.S. Coronavirus Aid, Relief, and Economic Security Act ("CARES Act").

- 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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