INCOME TAXES

3 Months Ended

Sep. 30, 2019

INCOME TAXES

INCOME TAXES

9.    INCOME TAXES

	Three Months Ended
	September 30,		September 30,
	2019		2018
	(Amounts in thousands, except rate)
Income tax (benefit) expense	$	(23,525)	$	4,115
Effective tax rate		(51.9%)		25.6%

The decrease in the effective tax rate for the three months ended September 30, 2019, as compared to the three months ended September 30, 2018, was attributable to discrete tax benefits ($32.3 million) primarily related to the remeasurement of certain deferred tax assets and a net step-up in the basis of tax assets due to the enactment of the Federal Act on Tax Reform and AHV Financing in Zug, Switzerland on September 3, 2019.