XML 40 R20.htm IDEA: XBRL DOCUMENT

Income Taxes (Notes)

9 Months Ended

Sep. 30, 2020

INCOME TAXES

The following table sets forth information regarding the Company’s tax provision and applicable tax rates for the periods indicated:


	Three Months Ended						Nine Months Ended
	September 30						September 30
	2020			2019			2020			2019
	(Dollars in thousands)
Combined federal and state income tax provision	$	11,199		$	17,036		$	21,126		$	38,565
Effective income tax rate	24.31		%	24.73		%	19.62		%	24.68		%

The Company's provision for income taxes was $11.2 million and $17.0 million for the three months ended September 30, 2020 and 2019, respectively, and $21.1 million and $38.6 million for the nine months ended September 30, 2020 and 2019, respectively. The lower tax provisions in the current year periods are due to lower net income as well as the nine month period being impacted by a discrete tax benefit recognized in the first quarter of 2020. This discrete benefit was associated with revised net operating loss (NOL) carryback provisions included in the CARES Act, signed into law on March 27, 2020.

- 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.

+ References + Details