8. Income Taxes

Income taxes were $33.6 million and $31.8 million for the three months ended September 30, 2020 and 2019, respectively, and $104.4 million and $117.1 million for the nine months ended September 30, 2020 and 2019, respectively. The effective income tax rate was 19.5% and 28.1% for the three months ended September 30, 2020 and 2019, respectively, and 25.9% and 31.5% for the nine months ended September 30, 2020 and 2019, respectively. The decrease in the effective tax rate for the three months ended September 30, 2020 as compared to the same period in 2019 was primarily due to changes in the geographic mix of the Company’s income and an increase in net benefits from discrete events. The decrease in the effective tax rate for the nine months ended September 30, 2020 as compared to the same period in 2019 was primarily due to changes in the geographic mix of the Company’s income, partially offset by a decrease in net benefits from discrete events.

As of September 30, 2020, the total amount of unrecognized tax benefits, including related interest and penalties, was $62.5 million. If the total amount of unrecognized tax benefits was recognized, $40.8 million of unrecognized tax benefits, $10.6 million of interest, and $1.7 million of penalties would impact the effective tax rate.

The Company believes that it is reasonably possible that the amount of unrecognized tax benefits could decrease by up to approximately $7.1 million within the next twelve months. Of this possible decrease, $2.8 million would be due to the settlement of audits or resolution of administrative or judicial proceedings. The remaining possible decrease of $4.3 million would be due to the expiration of statute of limitations in various jurisdictions. For a description on contingency matters relating to income taxes, see Note 5, Contingencies.

In July 2020, the U.S. Treasury Department issued final tax regulations related to foreign-derived intangible income and global intangible low-taxed income, or GILTI, provisions. Also in July 2020, the U.S. Treasury Department released final tax regulations that provide certain U.S. taxpayers with an annual election to exclude foreign income that is subject to a high effective tax rate from their GILTI inclusions. The Company has assessed the impact of these new regulations and determined there was no material impact to its condensed consolidated financial statements.