XML 59 R19.htm IDEA: XBRL DOCUMENT v3.19.3
Income Taxes
9 Months Ended
Sep. 30, 2019
Income Taxes  
Income Taxes

Note 12.  Income Taxes

 

The income tax benefit was $0.3 million for the three months ended September 30, 2019, a decrease of $0.8 million when compared to the three months ended September 30, 2018. The $0.8 million decrease was primarily due to a decrease in pretax income for the period of $9.0 million as well as a $1.4 million tax benefit in the three months ended September 30, 2018, relating to the 2017 Tax Cut and Jobs Act. 

 

The income tax provision was $0.9 million during the nine months ended September 30, 2019, a decrease of $6.1 million when compared to the nine months ended September 30, 2018. This change was primarily attributable to the decrease in pretax income of $36.2 million.

 

We have significant net operating loss carryforwards in the United States and certain European jurisdictions, and, as a result, we do not currently pay significant income taxes in these jurisdictions. At December 31, 2018, we had $71.9 million of deferred tax assets worldwide comprised of net operating loss carryforwards, tax credit carryforwards and other temporary differences, which are available to reduce income tax liabilities in future years. This amount was net of a $6.8 million valuation allowance. As of September 30, 2019, the valuation allowance increased to $7.7 million due to the uncertainty of the utilization of certain research and development credits.