Income Taxes |
9 Months Ended |
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Sep. 30, 2019 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes |
Income Taxes
Our effective tax rate was 22.1% and 23.2% for the three and nine months ended September 30, 2019, respectively, and 24.9% and 25.0% for the three and nine months ended September 30, 2018, respectively. Income tax expense during interim periods is based on our estimated annual effective income tax rate plus any discrete items that are recorded in the period in which they occur. Our tax rate is affected by discrete items that may occur in any given year, but may not be consistent from year to year. The lower effective tax rate for the nine months ended September 30, 2019 primarily results from the fair value increase of approximately $1.7 million to our COLI assets and an increase in foreign-derived intangible income ("FDII") deduction estimated for 2019.
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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://fasb.org/us-gaap/role/ref/legacyRef
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