Income Tax |
3 Months Ended |
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Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Tax | Income Tax The Company’s effective tax rate may vary from the U.S. federal statutory tax rate due to the change in the mix of earnings in various state jurisdictions with different statutory rates, benefits related to tax credits, and the tax impact of non-deductible expenses, stock award activities and other permanent differences between income before income taxes and taxable income. The effective tax rate for the three months ended March 31, 2018 and 2017 was 18% and 18%, respectively. The variance from the U.S. federal statutory tax rate of 21% in 2018 and 35% in 2017 was primarily attributable to tax deductions related to stock award activities which were recorded as discrete items in the quarter. The release of a valuation allowance relating to our investment in Viking also contributed to the variance from the U.S. federal statutory rate in the first quarter of 2018. We continue to evaluate the impact of the U.S. Tax Cuts and Jobs Act (Tax Act) and we have not adjusted our provisional tax estimates related to the Tax Act that we recorded in the fourth quarter of 2017. Our accounting remains incomplete as of March 31, 2018 and will be refined and, if necessary, adjusted throughout 2018 as required by SEC Staff Accounting Bulletin No. 118 (SAB 118). |