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Income Taxes

3 Months Ended

Mar. 31, 2021

INCOME TAXESThe effective tax rates were 23.0% and 23.5% for the three months ended March 31, 2021 and 2020, respectively. There were net discrete tax benefits of $4,288 and $2,787 for the three months ended March 31, 2021 and 2020, respectively, which were primarily related to the tax deductions for equity-based compensation that exceeded compensation expense recognized for books.

The Company accounts for its uncertain tax positions in accordance with the accounting standards for income taxes. The Company continues to classify interest and penalties related to unrecognized tax benefits as a component of the provision for income taxes. The following is a summary of the activity of the Company’s unrecognized tax benefits for three months ended March 31, 2021 and 2020:


	Three Months Ended March 31,
	2021		2020
Balance at January 1,	$	14,706	$	11,416

Additions for tax positions in current period	1,000		400
Foreign currency translation	(182)		(1,101)
Balance at March 31,	$	15,524	$	10,715

Substantially all of the liability for uncertain tax benefits related to various federal, state and foreign income tax matters would benefit the Company's effective tax rate, if recognized.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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