Income Taxes

3 Months Ended

Mar. 31, 2020

Income Taxes [Abstract]

Income Taxes

Income Taxes

Our effective tax rate for the three months ended March 31, 2020 decreased period-over-period to 26.0% from 26.8%. The decrease was primarily attributable to recognizing certain domestic tax credits during the quarter.

At March 31, 2020, our unrecognized tax benefits were $184.4 million. Of this amount, approximately $175.3 million would affect our effective tax rate upon resolution of the uncertain tax positions. Due to the impact of the COVID-19 pandemic, we re-assessed the realizability of our deferred tax assets and have determined that there has been no change in assessment as of March 31, 2020.

In addition, in response to the economic impact of the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act, was signed into law on March 27, 2020. We have determined that the CARES Act did not have a material impact on our income tax expense or effective tax rate for the year or the three months ended March 31, 2020 and will not have a material impact on our income tax expense or effective tax rate for the year ending December 31, 2020.