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Note 15 - Income Taxes

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Income Tax Disclosure [Text Block]

15. Income Taxes

The following table presents the benefit from income taxes for the respective periods:

		*Three Months Ended March 31,*
(dollars in thousands)		*2021*				*2020*
Benefit from income taxes		$	(22,455	)		$	(14,710	)
Effective tax rate		25.6		%		16.9		%

Our effective tax rate for the three months ended March 31, 2021 increased to 25.6% from 16.9%, when compared to the same period in 2020. This change was primarily due to the goodwill and investment in affiliates impairments which are discrete to the first quarter of 2020 and resulted in no discrete tax benefit. See Note 3 for discussion of the impairment charges. The $66.0 million in settlement charges are discrete to the first quarter of 2021 which resulted in a discrete tax benefit of $17.0 million, see Note 16 for discussion of the settlement.

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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