XML 25 R14.htm IDEA: XBRL DOCUMENT

Note 8 - Income Taxes

6 Months Ended

Jun. 30, 2020

8.	Income Taxes

Our effective income tax rate was 25.0% for the three months ended June 30, 2020, compared to 25.1% for the three months ended June 30, 2019. Our effective income tax rate was 25.7% for the first six months of 2020, compared to 24.0% in 2019. In determining our quarterly provision for income taxes, we use an estimated annual effective tax rate, adjusted for discrete items. This rate is based on our expected annual income, statutory tax rates, best estimate of nontaxable and nondeductible items of income and expense, and the ultimate outcome of tax audits. Our effective income tax rate for the first six months of 2019 included the effect of a favorable settlement of a state income tax audit.

At June 30, 2020, we had a total of $54.3 million in gross unrecognized tax benefits, which are a component of other long-term liabilities on our Condensed Consolidated Balance Sheets. Of this amount, $44.7 million represents the amount of unrecognized tax benefits that, if recognized, would impact our effective tax rate. The total amount of accrued interest and penalties for such unrecognized tax benefits was $5.0 million at June 30, 2020.

- 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.

+ References + Details