INCOME TAXES

6 Months Ended

Jun. 30, 2020

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

During the three months ended June 30, 2020, the Company recognized income tax benefit of $3.0 million on a loss of $6.2 million, an effective tax rate of 48.4%, as compared to income tax expense of $20.3 million on income of $101.9 million, an effective tax rate of 19.9%, for the three months ended June 30, 2019. The higher effective tax rate for the three months ended June 30, 2020 is primarily due to tax benefits from geographic mix and the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), partially offset by increased U.S. tax on foreign income, when compared with the three months ended June 30, 2019.

During the six months ended June 30, 2020, the Company recognized income tax benefit of $3.8 million on a loss of $31.7 million, an effective tax rate of 12.0%, as compared to income tax expense of $38.3 million on income of $177.1 million, an effective tax rate of 21.6%, for the six months ended June 30, 2019. The lower effective tax rate for the six months ended June 30, 2020 is primarily due to increased U.S. tax on foreign income, partially offset by tax benefits from geographic mix and the CARES Act, when compared with the six months ended June 30, 2019.