INCOME TAXES

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

The effective income tax rates for the three months ended June 30, 2021 and 2020 were 15.1% and 25.0%, respectively and for the six months ended June 30, 2021 and 2020 were 17.6% and 9.2%, respectively.

The period-over-period change in the effective income tax rates is due to the effect of rate-regulated accounting for income taxes and the benefit of foreign tax rate differentials relative to the change in earnings being offset by a reduction in US minimum tax and the release of a previously recognized uncertain tax position as it has become statute barred.