INCOME TAXES	3 Months Ended
Mar. 31, 2020
INCOME TAXES
INCOME TAXES	12. INCOME TAXES The Company determines its periodic income tax expense or benefit based upon the current period income or loss and the annual estimated tax rate for the Company adjusted for discrete items including changes to prior period estimates. The estimated tax rate is revised, if necessary, as of the end of each successive interim period during the fiscal year to the Company’s current annual estimated tax rate. For the three months ended March 31, 2020, the income tax benefit reflects an effective tax rate of 26.7 percent compared to an effective tax rate of 26.5 percent for the comparable period in the prior year. The effective rate for the current quarter reflects a net discrete provision totaling $22.8 million related primarily to revaluing certain deferred tax assets and liabilities expected to be recognized in 2020, offset by the beneficial revaluation of the 2019 net operating loss which can be carried back to prior years. The Coronavirus Aid, Relief and Economic Security (CARES) Act, enacted into law on March 27, 2020, provides the opportunity for a five-year carryback of net operating losses for the tax years ended 2018, 2019 and 2020. The Company expects to realize the benefit of their tax year 2019 net operating loss carryback to tax year 2014 where the tax rate was 35 percent and therefore, recognized a discrete tax benefit of $13.1 million during the current quarter. In addition, the Company recorded a net discrete tax provision during the current quarter of $35.9 million related primarily to certain deferred tax assets and liabilities recorded as of December 31, 2019 that are expected to be recognized in tax year 2020. The expected reversal of these deferred tax assets and liabilities are estimates based on available information at this time and the Company expects to refine these estimates in subsequent quarters as better information becomes available.

INCOME TAXES

3 Months Ended

Mar. 31, 2020

12. INCOME TAXES

The Company determines its periodic income tax expense or benefit based upon the current period income or loss and the annual estimated tax rate for the Company adjusted for discrete items including changes to prior period estimates. The estimated

tax rate is revised, if necessary, as of the end of each successive interim period during the fiscal year to the Company’s current annual estimated tax rate.

For the three months ended March 31, 2020, the income tax benefit reflects an effective tax rate of 26.7 percent compared to an effective tax rate of 26.5 percent for the comparable period in the prior year. The effective rate for the current quarter reflects a net discrete provision totaling $22.8 million related primarily to revaluing certain deferred tax assets and liabilities expected to be recognized in 2020, offset by the beneficial revaluation of the 2019 net operating loss which can be carried back to prior years.

The Coronavirus Aid, Relief and Economic Security (CARES) Act, enacted into law on March 27, 2020, provides the opportunity for a five-year carryback of net operating losses for the tax years ended 2018, 2019 and 2020. The Company expects to realize the benefit of their tax year 2019 net operating loss carryback to tax year 2014 where the tax rate was 35 percent and therefore, recognized a discrete tax benefit of $13.1 million during the current quarter. In addition, the Company recorded a net discrete tax provision during the current quarter of $35.9 million related primarily to certain deferred tax assets and liabilities recorded as of December 31, 2019 that are expected to be recognized in tax year 2020. The expected reversal of these deferred tax assets and liabilities are estimates based on available information at this time and the Company expects to refine these estimates in subsequent quarters as better information becomes available.