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Income Taxes
 6 Months Ended
Jun. 30, 2020
Income Tax Disclosure [Abstract]  
Income Taxes

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Income Taxes

The Company’s effective tax rates for the three and six months ended June 30, 2020 were 20.2 % and 17.8%, respectively. The effective tax rates for the three and six months ended June 30, 2020, and related income tax expense, were lower than the U.S. statutory tax rate mainly due to the geographic mix of income earned by the Company’s international subsidiaries being taxed at rates lower than the U.S. statutory tax rate, windfall benefits of stock compensation, and the deduction for foreign derived intangible income offset by the tax effects of the global intangible low taxed income inclusion and the write-off of deferred tax assets related to certain foreign net operating losses.

The Company’s effective tax rates for the three and six months ended June 30, 2019 were 27.2% and 25.3%, respectively. The effective tax rates for the three and six months ended June 30, 2019, and related income tax expense, were higher than the U.S. statutory tax rate primarily due to a correction of an out of period error with respect to deferred tax assets related to limitations on the deduction of executive compensation in the amount of $5.0. This correction, which should have been recorded during the three months ended September 30, 2018, increased the Company’s effective tax rates in the three and six months ended June 30, 2019 by 9.8% and 7.5%, respectively. The error and subsequent adjustment were not material to the financial statements. The effective tax rates for these periods, excluding the correction of the out of period error, were lower than the U.S. statutory tax rate due to the deduction for foreign derived intangible income, the benefit from the reinstatement of a capital loss and the utilization of various tax credits, offset by tax effects of the global intangible low taxed income inclusion.

On March 27, 2020, the United States enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act which contains numerous income tax provisions among other tax and non-tax provisions.  Some of these income tax provisions have retroactive effect on years before the date of enactment. The Company has evaluated the CARES Act legislation in relation to income taxes and does not expect the CARES Act income tax provisions to have a material impact on its financial statements.

Gross unrecognized tax benefits, which exclude interest and penalties, were $45.0 and $43.5 as of June 30, 2020 and December 31, 2019, respectively. As of June 30, 2020 if these benefits were recognized in a future period, the timing of which is not estimable, the net unrecognized tax benefit of $36.9, excluding interest and penalties, would impact the Company’s effective tax rate. The Company accrues interest expense, and if applicable, penalties, for any uncertain tax positions. Interest and penalties are classified as a component of income tax expense. As of June 30, 2020 and December 31, 2019, the Company had accrued interest on unrecognized tax benefits of $0.6 and $0.5, respectively.

Over the next 12 months it is reasonably possible that the Company may recognize $0.6 of previously net unrecognized tax benefits, excluding interest and penalties, related to various U.S. state and foreign tax positions primarily as a result of the expiration of certain statutes of limitations.

The Company and its subsidiaries are subject to examination by U.S. federal, state and foreign tax authorities. The U.S. federal statute of limitations remains open for tax years 2016 through the present. The statute of limitations for the Company’s tax filings in other jurisdictions varies between fiscal years 2014 through present. The Company has certain foreign, federal and state tax loss and credit carry-forwards that are open to examination for tax years 2000 through the present.