Income Taxes |
6 Months Ended |
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Jun. 30, 2020 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes |
15. Income Taxes:
The effective income tax rate for the three months ended June 30, 2020 was 50.0% compared to 39.8% for the three months ended June 30, 2019. The effective income tax rate for the six months ended June 30, 2020 was 51.4% compared to 40.0% for the six months ended June 30, 2019. The Company’s effective income tax rate has fluctuated primarily due changes in income mix (including the effect of loss companies), the impacts of the Global Intangible Low Taxed Income (“GILTI”) tax rules and changes in foreign exchange gains and losses, which create permanent differences in certain jurisdictions.
The difference between the U.S. federal statutory income tax rate and the Company’s effective income tax rate for the six months ended June 30, 2020 was mainly due to the impacts of GILTI, the discrete tax impacts of the Company entering into an asset swap agreement, pre-tax losses with no associated tax benefit and state taxes.
The difference between the U.S. federal statutory income tax rate and the Company’s effective income tax rate for the six months ended June 30, 2019 was mainly due to the tax effect of permanent differences related to foreign currency exchange gain or loss, the impacts of GILTI, pre-tax losses with no associated tax benefit, prior year tax refunds not previously accrued for and state taxes.
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- References No definition available.
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- 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. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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