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Income Taxes
9 Months Ended
Sep. 30, 2018
Current Income Tax Expense (Benefit), Continuing Operations [Abstract]  
Income Taxes
Income Taxes

The Company files income tax returns in the U.S. federal and state jurisdictions, as well as in foreign jurisdictions. The Company is no longer subject to U.S. federal income tax examinations for years prior to 2014. In addition, with few exceptions, the Company is no longer subject to state, local or foreign income tax examinations for years prior to 2009.

The Company’s effective tax rate decreased from 37.8% during the three months ended September 30, 2017 to 28.0% during the three months ended September 30, 2018 primarily due to the tax benefit from the U.S. federal corporate income tax rate reduction resulting from the enactment of the U.S. Tax Cuts and Jobs Act.

The Company’s effective tax rate increased from 22.9% during the nine months ended September 30, 2017 to 41.2% during the nine months ended September 30, 2018 primarily due to (i) the absence of tax benefit on foreign currency losses recognized from an internal restructuring undertaken to realign the organizational and capital structure of certain foreign operations during 2017, (ii) non-cash state tax charges associated with the separation of the hotel business, (iii) non-cash tax charges from certain internal restructurings associated with the sale of its European vacation rentals business during 2018; partially offset by (iv) tax benefit from the U.S. federal corporate income tax rate reduction resulting from the enactment of the U.S. Tax Cuts and Jobs Act.

The Company made cash income tax payments, net of refunds, of $101 million and $200 million during the nine months ended September 30, 2018 and 2017, respectively. In addition, the Company made cash income tax payments, net of refunds, of $10 million and $17 million during the nine months ended September 30, 2018 and 2017, respectively, related to discontinued operations.

The Company has not made any additional measurement-period adjustments related to the impact from the U.S. Tax Cuts and Jobs Act recorded for 2017 during this quarter. During the fourth quarter of 2018, the Company filed its U.S. federal income tax return and is preparing and filing returns for other jurisdictions that will be filed by the end of the year. As a result, the Company will be analyzing the impact on its estimates from the U.S. Tax Cuts and Jobs Act recorded in 2017, and will record these adjustments during the fourth quarter of 2018.