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Income Taxes
6 Months Ended
Jun. 30, 2020
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
The overall effective tax rate was 24.9% and 25.2% for the three and six months ended June 30, 2020 respectively and 28.7% and 37.7% for the three and six months ended June 30, 2019, respectively. The decrease in the effective rate is primarily the result of non-deductible transaction related expenses incurred during the six months ended June 30, 2019 as a result of the GE Transportation acquisition and an increase in the estimated liabilities resulting from provisions of the Tax Cuts and Jobs Act that did not recur in 2020.
As of June 30, 2020, the liability for income taxes associated with uncertain tax positions was $12.6 million, of which $12.6 million, if recognized, would favorably affect the Company’s effective income tax rate. As of December 31, 2019, the liability for income taxes associated with unrecognized tax benefits was $17.2 million, of which $17.2 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 $2.9 million may change within the next 12 months due to the expiration of statutory review periods and current examinations.  
In response to the COVID-19 pandemic, legislation concerning taxes was passed during the six months ended June 30, 2020. While we are continuing to assess the impact of the legislation on our tax planning strategies, we do not expect there to be a material impact to our consolidated financial statements at this time.