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Income Taxes
6 Months Ended
Jun. 30, 2015
Income Tax Disclosure [Abstract]  
INCOME TAXES
INCOME TAXES
The Company is subject to U.S. federal income taxes and income taxes in numerous U.S. states. In addition, the Company is subject to income tax in the U.K. and Brazil relative to its foreign subsidiaries. The Company's effective income tax rates of 37.2% and 37.4% of pretax income for the three and six months ended June 30, 2015, respectively, differed from the U.S. federal statutory rate of 35.0% due primarily to taxes provided for in U.S. state and foreign jurisdictions in which the Company operates, as well as valuation allowances provided for net operating losses in certain U.S. states and in Brazil.
For the three and six months ended June 30, 2015, the Company's effective tax rate decreased compared to the same periods in 2014 to 37.2% and 37.4% from 55.9% and 44.9%, respectively. These decreases were primarily due to the tax deductible loss recognized in 2014 on the purchase of the majority of the 3.00% Notes that was less than the loss recognized for U.S. GAAP, and additional valuation allowances recorded in respect of net operating losses of certain Brazil subsidiaries incurred in 2014, but not in 2015.
As of June 30, 2015 and December 31, 2014, the Company had no unrecognized tax benefits with respect to uncertain tax positions and did not incur any interest and penalties nor did it accrue any interest for the six months ended June 30, 2015. When applicable, consistent with prior practice, the Company recognizes interest and penalties related to uncertain tax positions in income tax expense.
Taxable years 2010 and subsequent remain open for examination by the Company’s major taxing jurisdictions.