Income Tax Benefit (Expense)
|9 Months Ended|
Sep. 30, 2020
|Income Tax Disclosure [Abstract]|
|Income Tax Benefit (Expense)||
13. Income Tax Benefit (Expense)
For the three and nine months ended September 30, 2020, we had an income tax benefit of $3.8 million and $19.1 million, respectively. For the three and nine months ended September 30, 2019, we had income tax expense of $11.2 million and an income tax benefit of $16.5 million, respectively.
For the three months ended September 30, 2020, the tax benefit is due to operating losses. For the nine months ended September 30, 2020, the tax benefit is due to operating losses and the reversal of a valuation allowance. 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 a result, we recorded a tax benefit of $35.7 million in connection with the reversal of substantially all of the valuation allowance in March 2019.
No definition available.
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.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef