Tax Cuts and Jobs Act Enactment (Note )

On the Tax Cuts and Jobs Act was enacted into United States tax law substantially amending the Internal Revenue Code. Effective the Act permanently reduces US corporate federal tax rates from to provides for expensing of certain qualified capital investments through repeals the Alternative Minimum Tax, eliminates loss carrybacks, limits using future losses, and further limits the deductibility of certain executive compensation, among other provisions. Many effects of the Act are international in nature, and therefore do apply us. Under current accounting guidance, we are recognizing the effects of the changed tax rates and laws as of the enactment date, subject to SAB which provides for a provisional -year measurement period for entities to finalize their accounting for certain income tax effects of the Tax Act. As further described in Note SAB addresses the application of US GAAP where entities do have the necessary information available, prepared or analyzed (including computations) in reasonable detail to complete such accounting.

No.

118,

one

benefit, of in the quarter resulting from re-measuring our deferred tax assets and liabilities using the new lower tax rate and certain tax expense. The associated effects on our gross deferred tax assets, deferred tax liabilities and valuation allowances, including changes in timing differences, are reflected in the above disclosures. The reduction consists of

$120,172,000

$723,000

no

We anticipate the Internal Revenue Service will be providing additional guidance on the accounting for non-deductible executive compensation. We plan to finalize the accounting for those provisional amounts upon filing of our federal income tax returns within our quarter

. Final amounts differ from provisional amounts after further analysis, changes in interpretation and assumptions, or additional regulatory guidance that be issued, among other things.

Effective Tax Rate Comparison for

– Our effective income tax rate for was (benefit), for was (expense) and for was (expense). Our effective tax rate reflects the -time material tax benefit associated with re-measuring our deferred tax assets and liabilities using the new lower US corporate federal tax rate of and tax expense of related to non-deductible executive compensation as further described above. The rate also reflects non-recurring tax benefits of resulting from certain state income tax law changes, and non-recurring tax benefits of for lower state income tax rates associated with race date realignments. Our effective tax rate reflects non-recurring tax benefits of resulting from certain state income tax law changes. Our tax rate reflects reductions of valuation allowances on deferred tax assets associated with our discontinued operation. Our tax rate also reflects lower effective state income tax rates, adjustments associated with the intangible asset and goodwill impairment charges and certain deferred tax assets, and a non-recurring tax benefit of resulting from certain state income tax law changes enacted in

December 31, 2017,

of state net operating loss carryforwards expiring in through At and valuation allowances of and have been provided against deferred tax assets because management has determined that ultimate realization is more likely than for certain deferred tax assets and state net operating loss carryforwards. The valuation allowances for deferred tax assets increased by in increased by in and decreased by in

 

Accounting for Uncertainty in Income Taxes

– Income tax liabilities for unrecognized tax benefits approximate and at and and of which relates to our discontinued operation. Of those amounts, and is included in noncurrent other liabilities, all of which would favorably impact our effective tax rate if recognized, and and is included in deferred tax liabilities, at and respectively. As of and management believes and of unrecognized tax benefits will be recognized within the next months. Interest and penalties associated with uncertain tax benefits amounted to in in and in and derecognized amounts were in in and in As of and we had and accrued for the payment of interest and penalties on uncertain tax positions, which is included in other noncurrent liabilities. The tax years that remain open to examination include through by the Internal Revenue Service, and  through by other state taxing jurisdictions to which we are subject. 

three

December 31, 2017

Income Tax Benefits

– Applicable accounting guidance require establishing valuation allowances for certain deferred tax assets or income tax liabilities for unrecognized tax benefits, although management believes associated tax filing positions are sustainable and properly reflected in its tax filings. Our liabilities for unrecognized tax benefits are reflected in the table above. Should those tax positions be fully sustained if examined, an acceleration of material income taxes payable could occur. Where net income tax benefit had been previously reflected because of providing a valuation allowance on related deferred tax assets, our future results of operations might be significantly impacted. However, resulting cash required for payments of income taxes could be material in the period in which such determination is made.