Income Taxes

3 Months Ended

Jun. 30, 2021

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 and timing of domestic and foreign earnings, discrete items, and the effect of exchange rate changes on taxes.     

    The consolidated effective income tax rate for the three months ended June 30, 2021 was 24% . There were no discrete items that impacted the income tax provision for the three months ended June 30, 2021.

    The consolidated effective income tax rate for the three months ended June 30, 2020 was a benefit of $5.0 million. The Company's consolidated effective income tax rate for the three months ended June 30, 2020 was affected by a $4.4 net tax benefit for final U.S. tax regulations issued 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 24%. Additionally, for the three months ended June 30, 2020 the Company recognized $1.8 million as a component of interest expense related to a settlement of an uncertain tax position at foreign subsidiary.