Quarterly report pursuant to Section 13 or 15(d)

Income Taxes

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Income Taxes
 3 Months Ended
Mar. 31, 2015
Income Tax Disclosure [Abstract]  
Income Taxes

8. Income Taxes

Income taxes were $33.6 million for the three months ended March 31, 2015, as compared to $34.8 million for the same period in 2014. The effective income tax rate was 30.1% for the three months ended March 31, 2015, as compared to 31.8% for the same period in 2014. The decrease in the effective tax rate for the three months ended March 31, 2015, as compared to the same period in 2014, was primarily due to a decrease in net expenses from discrete events, partially offset by the impact of changes in the geographic mix of the Company’s income.

As of March 31, 2015, the total amount of unrecognized tax benefits, including related interest and penalties was $50.6 million. If the total amount of unrecognized tax benefits was recognized, $40.5 million of unrecognized tax benefits, $6.1 million of interest and $1.3 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 $10.8 million within the next twelve months. Of this possible decrease, $6.2 million would be due to the settlement of audits or resolution of administrative or judicial proceedings. The remaining possible decrease of $4.6 million would be due to the expiration of statute of limitations in various jurisdictions.