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Income Taxes
3 Months Ended
Mar. 31, 2015
Income Taxes

3. Income Taxes

The company’s effective tax rate for the quarter ended March 31, 2015 was 24.3% compared to 19.2% for the same period in the prior year. The effective tax rate for the quarter ended March 31, 2014 reflected a tax benefit of $10.9 million as a result of the completion of U.S. Internal Revenue Service examinations for the tax years 2008 through 2010.

At March 31, 2015, the total amount of liability for unrecognized tax benefits related to federal, state and foreign taxes was $36.1 million (of which $30.8 million would impact the effective tax rate, if recognized) plus $3.2 million of accrued interest. At December 31, 2014, the liability for unrecognized tax benefits was $36.1 million plus $2.9 million of accrued interest. Depending upon the result of open tax examinations and/or the expiration of applicable statutes of limitation, the company believes it is reasonably possible that the total amount of unrecognized tax benefits may decrease by up to $11.8 million within the next 12 months.