Income Taxes

3 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

9.    Income Taxes

	Three Months Ended March 31,
	2020			2019
	(in thousands, except percentages)
Income before income taxes	$	161,819		$	206,675
Provision for (benefit from) income taxes	23,388			5,646
Effective tax rate	14.5		%	2.7		%

The effective tax rates above reflect tax expense recorded on pre-tax income in the three months ended March 31, 2020 and March 31, 2019. The change in effective tax rate in the three months ended March 31, 2020, as compared to the same period in 2019, was primarily due to a decrease in tax benefits attributable to equity compensation settlements.

In March 2020, the World Health Organization declared the novel strain of coronavirus a global pandemic. As a result, the U.S. government enacted Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) and is signed into law on March 27, 2020. The CARES Act includes, among other things, provisions relating to payroll tax credits and deferrals, net operating loss carryback periods, alternative minimum tax credits, and technical corrections to tax depreciation methods for qualified improvement property.