Note 4 - Income Taxes

6 Months Ended

Jun. 30, 2018

Notes to Financial Statements

Income Tax Disclosure [Text Block]

( 4 ) INCOME TAXES

Our estimated annual effective tax rate, adjusted for discrete tax items, is applied to interim periods’ pretax income (loss). Our estimated annual effective tax rate includes the recognition of a valuation allowance on our deferred tax assets. The total tax benefit for the

first

six

months of

2018

was

$0.7

million.

On

December 22, 2017,

the statute originally named the Tax Cuts and Jobs Act, or the

2017

Tax Act, was signed into law making significant changes to the Internal Revenue Code, including reducing the corporate tax rate from

35%

to

21%,

establishing a dividends received deduction for dividends paid by foreign subsidiaries to U.S. subsidiaries, eliminating or limiting certain deductions (interest, domestic production activities and executive compensation), imposing a mandatory tax on previously unrepatriated earnings accumulated offshore since

1986

and establishing global minimum income tax and base erosion tax provisions related to offshore activities and affiliated party payments. As a result of the tax reform, we recorded a provisional deferred tax benefit at

December 31, 2017

of

$15.2

million in connection with the

one

-time transition tax on foreign earnings and profits and the remeasurement of certain deferred tax assets and liabilities. In accordance with current SEC guidance we will report the impact of final provisional amounts in the reporting period in which the accounting is completed, which will

not

exceed

one

year from the date of enactment of the tax reform.

As of

June 30, 2018,

we have

not

completed the accounting for any of the tax effects of the tax reform described above and there have been

no

material changes to our estimated amounts. Accordingly, there has been

no

change to the provisional amounts previously recorded and there is

no

impact to the

June 30, 2018

effective tax rate for such provisional amounts.