XML 41 R30.htm IDEA: XBRL DOCUMENT v3.20.2
Income Taxes
6 Months Ended
Jun. 30, 2020
Income Tax Disclosure [Abstract]  
Income Taxes Income TaxesThe Company’s provision for income taxes is based upon estimated annual tax rates for the year applied to federal, state and foreign income. The provision for income taxes decreased to $20.8 million for the three months ended June 30, 2020 compared to $31.4 million during the same period in 2019. The effective tax rate increased to 22.7% for the three months ended June 30, 2020 compared to 21.7% during the same period in 2019 primarily due to a $0.7 million decrease in the excess tax benefits related to share-based compensation compared to the prior year period.
The provision for income taxes decreased to $46.3 million for the six months ended June 30, 2020 from $58.2 million during the same period in 2019. The effective tax rate increased to 21.1% for the six months ended June 30, 2020 compared to 20.7% during the same period in 2019 primarily due to a $1.4 million decrease in the excess tax benefits related to share-based compensation compared to the prior year period.

The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. Due to the potential for resolution of federal, state and foreign examinations, and the expiration of various statutes of limitation, it is reasonably possible that the Company’s gross unrecognized tax benefits balance may change. However, these unrecognized tax benefits are long-term in nature and will not change within the next twelve months.