Income Taxes |
6 Months Ended |
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Jun. 30, 2017 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes |
Income Taxes
We file a consolidated federal income tax return for all of our wholly-owned subsidiaries, including Sirius XM. For the three months ended June 30, 2017 and 2016, income tax expense was $119,513 and $106,310, respectively, and $233,486 and $214,552 for the six months ended June 30, 2017 and 2016, respectively.
Our effective tax rate for the three months ended June 30, 2017 and 2016 was 37.2% and 37.8%, respectively. Our effective tax rate for the six months ended June 30, 2017 and 2016 was 36.3% and 38.2%, respectively. The rate for the three and six months ended June 30, 2017 and 2016 was impacted by the recognition of excess tax benefits or shortfalls related to share based compensation. We estimate our annual effective tax rate for the year ending December 31, 2017 will be 37.4%.
As of June 30, 2017 and December 31, 2016, we had a valuation allowance related to deferred tax assets of $44,022 and $47,682, respectively, that were not likely to be realized due to certain net operating loss limitations and acquired net operating losses that were not more likely than not going to be utilized.
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- References No definition available.
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- Definition 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://www.xbrl.org/2003/role/presentationRef
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