XML 31 R20.htm IDEA: XBRL DOCUMENT

Income Tax Expense

3 Months Ended

Mar. 31, 2021

NOTE 12. INCOME TAX EXPENSE

	Three Months Ended
	March 31,
	2021			2020
Earnings (loss) from continuing operations before income taxes	$	49.7		$	(300.1	)
Income tax expense (benefit)		12.2			(77.5	)
Effective tax rate		24.6	%		25.8	%

Excluding the impact of the pension settlement in 2020, the effective tax rate for the first quarter of 2021 was flat compared to the same period in 2020.

It is reasonably possible that the amount of unrecognized tax benefits could significantly increase or decrease within the next twelve months. However, an estimate of the range of reasonably possible outcomes cannot be reliably made at this time. Changes to unrecognized tax benefits could result from the completion of ongoing examinations, the expiration of statutes of limitations or other unforeseen circumstances.

- 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