Income Taxes

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

The overall effective tax rate was 25.8% and 26.6% for the three and six months ended June 30, 2021, respectively, and 24.9% and 25.2% for the three and six months ended June 30, 2020, respectively.

The increase in the effective tax rate is primarily the result of withholding tax expense on intercompany dividends incurred during the six months ended June 30, 2021.

As of June 30, 2021, the liability for income taxes associated with uncertain tax positions was $15.7 million, of which $14.1 million, if recognized, would favorably affect the Company’s effective income tax rate. As of December 31, 2020, the liability for income taxes associated with unrecognized tax benefits was $16.4 million, of which $14.8 million, if recognized, would favorably affect the Company's effective tax rate.

At this time, the Company believes it is reasonably possible that unrecognized tax benefits of approximately $7.5 million may change within the next 12 months due to the expiration of statutory review periods and current examinations.