Quarterly report pursuant to Section 13 or 15(d)

Income Taxes

v3.19.1
Income Taxes
3 Months Ended
Mar. 31, 2019
Income Taxes  
Income Taxes

8.  INCOME TAXES    

 

Our effective tax rates were 19.8 percent and 16.5 percent for the three months ended March 31, 2019 and 2018, respectively.  The higher 2019 tax rate is due to a smaller impact of discrete benefits related to share-based compensation.

 

Our condensed consolidated statements of operations recognized a discrete tax benefit of $2.2 million and $2.6 million related to share-based compensation for the three months ended March 31, 2019 and 2018, respectively.

 

At March 31, 2019, the net deferred tax liability of $162.3 million consisted of net long-term deferred tax assets of $11.9 million and net long-term deferred tax liabilities of $174.2 million.  The decrease of the net deferred tax liability was primarily related to purchase accounting adjustments in connection with the acquisition of USI and related tax elections.