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INCOME TAXES

3 Months Ended

Sep. 30, 2020

INCOME TAXES

10. INCOME TAXES


		Three Months Ended
		September 30,			September 30,
		2020			2019

		(Amounts in thousands, except rate)
Income tax benefit		$	(2,377)		$	(23,525)
Effective tax rate			(2.3%)			(51.9%)

The effective tax rate for the three months ended September 30, 2020, included discrete tax benefits ($24.5 million) attributable to the settlement of an uncertain tax position with a foreign jurisdiction and the release of a valuation allowance related to deferred tax assets. The effective tax rate for the three months September 30, 2019 included a discrete tax benefit ($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 Swiss Tax Reform.

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.

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