Quarterly report pursuant to Section 13 or 15(d)

Income Tax Expense

Income Tax Expense
3 Months Ended
Mar. 31, 2019
Income Tax Disclosure [Abstract]  
Income Tax Expense
13. Income Tax Expense


For the three months ended March 31, 2019, we had an income tax benefit of $33.8 million. During 2018, we implemented certain tax restructuring strategies that created our ability to utilize the net operating loss carryforwards of Prestige, for which we had previously provided a full valuation allowance. As disclosed in our Annual Report on Form 10-K, we engaged in a section 382 study to determine the amount of the Prestige net operating loss carryforwards that could be utilized against future taxable income. In March of 2019, we completed this study resulting in a tax benefit of $35.7 million in connection with the reversal of substantially all of the valuation allowance.