Income Taxes

3 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

Note 12: Income Taxes

The Company recorded income tax expense of $67.5 million for the three months ended March 31, 2020. The Company's effective income tax rate for the three months ended March 31, 2020 differed from the 21% statutory rate primarily due to expiring net operating loss tax benefits in the current year, an adjustment to the valuation allowance against the deferred tax assets for net operating losses expected to expire in future years of $15.5 million, and non-deductible officer compensation expense. The goodwill impairment charge of $270.6 million did not have an impact on the estimated annual effective income tax rate.

The Company recorded income tax expense of $4.0 million for the three months ended March 31, 2019. Income taxes for the three months ended March 31, 2019 differed from the 21% statutory rate primarily due to the release of valuation allowances and the effect of state income taxes.