INCOME TAXES |
9 Months Ended |
|---|---|
Sep. 30, 2017 | |
| Income Tax Disclosure [Abstract] | |
| INCOME TAXES |
INCOME TAXES
During the three months ended September 30, 2017 and 2016, the Company recorded income tax benefit of $45.2 million and expense of $0.1 million, respectively, resulting in effective tax rates of 35.7% and (5.9)%, respectively. The increase in effective tax rates is primarily due to the impairment charge related to the Company’s H225 helicopters and smaller losses in the Company’s foreign affiliates in which certain tax benefits are not recognized. During the nine months ended September 30, 2017 and 2016, the Company recorded income tax benefit of $48.1 million and $2.2 million, respectively, resulting in effective tax rates of 34.5% and 17.4%, respectively. The increase in effective tax rates is primarily due to the impairment charge related to the Company’s H225 helicopters, the release of deferred state tax liabilities related to jurisdictions in which the Company’s air medical contracts ended and smaller losses in the Company’s foreign affiliates in which certain tax benefits are not recognized.
During the nine months ended September 30, 2017 and 2016, there were no new uncertain tax positions identified. The Company’s 2015 federal income tax return is currently under examination by the Internal Revenue Service.
Amounts accrued for interest and penalties associated with unrecognized income tax benefits are included in other expense on the condensed consolidated statements of operations. As of September 30, 2017 and December 31, 2016, the gross amount of liability for accrued interest and penalties related to unrecognized tax benefits was $0.3 million.
|