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Income Taxes
6 Months Ended
Jun. 30, 2015
INCOME TAXES [Abstract]  
INCOME TAXES
INCOME TAXES
The Company's effective income tax rates were 28.1% and 29.8% for the three months ended June 30, 2015 and 2014, respectively, and 34.0% and 28.4% for the six months ended June 30, 2015 and 2014, respectively.
The Company's effective income tax rates for the three and six months ended June 30, 2015 and 2014 were lower than the applicable statutory income tax rate of 35% primarily because of the Company's U.S. income tax positions. The Company does not have a history of significant taxable income in the U.S.; therefore, the Company has recorded a valuation allowance against its U.S. federal tax net operating loss carryforwards. Accordingly, in instances when the Company's U.S. legal entities generate pre-tax U.S. GAAP income, no income tax expense is recognized to the extent there are net operating loss carryforwards to offset pre-tax U.S. GAAP income. Additionally, the effective income tax rate for the six months ended June 30, 2015 was significantly influenced by foreign currency exchange losses, most of which are not currently deductible for income tax purposes, resulting in a higher effective income tax rate.