Income Taxes

3 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The effective income tax rate for income taxes as a percentage of income from continuing operations before equity in earnings/(losses) of affiliates and income taxes was 28.0% and 32.9% for the three months ended March 31, 2020 and 2019, respectively.

For the three months ended March 31, 2020, when compared to the three months ended 2019, the decrease in the effective income tax rate was primarily due to nonrecurring charges recorded in 2019 related to uncertain tax benefits.

We are currently under examination for the years 2010 through 2012 and 2016, by the US Internal Revenue Service ("IRS"), our primary taxing authority, and for other years by various other taxing authorities. It is reasonably possible the amount of the unrecognized benefits, as well as the valuation allowance with respect to certain tax attributes, could be significantly impacted which would have an impact on net income. In the next 12 months we expect expiration of statutes of limitations on reserves of approximately $1.3 million and the release of reserves and allowances of approximately $17 million to $20 million upon the conclusion of the IRS examination for years 2010 through 2012.