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Income Taxes
3 Months Ended
Jun. 30, 2020
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES

The Company operates in the United States and many foreign countries and is subject to the tax laws of many jurisdictions. Changes in tax laws or the interpretation of tax laws can affect the Company’s earnings, as can the resolution of pending and contested tax issues. The Company's consolidated effective income tax rate is affected by a number of factors, including the mix of domestic and foreign earnings and the effect of exchange rate changes on taxes.
    
The consolidated effective income tax rate for the quarter ended June 30, 2020 was a benefit of 273% . The Company's consolidated effective income tax rate for the three months ended June 30, 2020 was affected by a $4.4 million net tax benefit for final U.S. tax regulations issued in the current quarter for hybrid dividends paid by foreign subsidiaries.  Without this discrete item for the final U.S. tax regulations, the consolidated effective income tax rate for the three months ended June 30, 2020 would have been a benefit of approximately 34%. Additionally, for the three months ended June 30, 2020 the Company recognized $1.8 million as a component of interest expense related to on-going settlement discussions for an uncertain tax position at foreign subsidiary.

The consolidated effective income tax rate for the quarter ended June 30, 2019 was approximately 83% was affected by a $2.8 million net tax provision related to a tax settlement at a foreign subsidiary.  Without this discrete item, the consolidated effective income tax rate for the three months ended June 30, 2019 would have been approximately 29% .