|3 Months Ended|
Mar. 31, 2018
|Income Tax Disclosure [Abstract]|
|Income Taxes [Text Block]||
NOTE 7: INCOME TAXES
We have not adjusted our provisional tax estimates related to the U.S. Tax Cuts and Jobs Act (Tax Reform) that we recorded in the fourth quarter of 2017. Our accounting remains incomplete as of the first three months of 2018 and will be refined throughout 2018 based on our ongoing analysis of data and tax positions along with new guidance from regulators and interpretation of the law. Our estimated annual effective tax rate for the first three months of 2018 includes provisional tax estimates for certain Tax Reform provisions related to foreign-derived intangible income and low-taxed intangible income. We expect that these provisions will be clarified by additional analysis and regulatory guidance, and the clarification could impact our estimated annual effective tax rate.
Our effective income tax rate was 11.1% in the first three months of 2018 compared to 22.3% in the first three months of 2017. The reduction from Tax Reform of the U.S. statutory federal tax rate from 35.0% to 21.0% favorably impacted our effective tax rate by approximately nine percentage points. Further, the new Tax Reform provisions related to foreign-derived intangible income favorably impacted our effective tax rate by approximately two percentage points, and the provision related to low-taxed intangible income and the repeal of the domestic manufacturing deduction each unfavorably impacted our effective tax rate by approximately one percentage point. In addition, our effective tax rate in the first three months of 2018 was favorably impacted by one-time items unrelated to Tax Reform.
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