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Income Taxes
9 Months Ended
Sep. 30, 2019
Income Tax Disclosure [Abstract]  
Income Taxes

Note 8 — Income Taxes

 

The effective tax rate was 18.4% compared to 9.1% for the quarter ended September 30, 2019 and 2018, respectively. The current quarter benefited primarily from tax credits identified during the quarter of $3.0 million. The third quarter of 2018 included discrete benefits of $9.6 million primarily related to a change in accounting method and release of a valuation allowance in a foreign jurisdiction. The effective tax rate for the nine months ended September 30, 2019 and 2018 was 21.3% and 16.9%, respectively, as the 2018 period also included a $1.3 million discrete benefit related to the release of reserves for uncertain tax positions. Excluding these discrete benefits the effective tax rates were 22.3% and 21.3%. All periods benefited from deductions associated with share based compensation payments. Our underlying estimated effective income tax rate is expected to remain at 24%.