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INCOME TAXES	9 Months Ended
Sep. 30, 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 September 30, 2020, the effective rate reflects a benefit of 47.0 percent compared to a benefit of 25.9 percent for the comparable period in the prior year. For the nine months ended September 30, 2020, the effective rate reflects a benefit of 30.1 percent compared to a benefit of 25.6 percent for the comparable period in the prior year. The effective rate for the current quarter reflects net beneficial discrete tax adjustments totalling $3.6 million The effective tax rate for the nine months ended September 30, 2020 includes a net discrete provision totaling $21.3 million related primarily to detrimental revaluation of 2019 deferred items that are expected to reverse in 2020, offset by the beneficial revaluation of the 2019 operating loss, all to be carried back to prior years at a 35 percent federal tax rate, based on the Coronavirus Aid, Relief and Economic Security (CARES) Act. 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

9 Months Ended

Sep. 30, 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 September 30, 2020, the effective rate reflects a benefit of 47.0 percent compared to a benefit of 25.9 percent for the comparable period in the prior year. For the nine months ended September 30, 2020, the effective rate reflects a benefit of 30.1 percent compared to a benefit of 25.6 percent for the comparable period in the prior year. The effective rate for the current quarter reflects net beneficial discrete tax adjustments totalling $3.6 million The effective tax rate for the nine months ended September 30, 2020 includes a net discrete provision totaling $21.3 million related primarily to detrimental revaluation of 2019 deferred items that are expected to reverse in 2020, offset by the beneficial revaluation of the 2019 operating loss, all to be carried back to prior years at a 35 percent federal tax rate, based on the Coronavirus Aid, Relief and Economic Security (CARES) Act. 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.

- 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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