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Income Taxes
9 Months Ended
Sep. 30, 2018
Income Tax Disclosure [Abstract]  
Income Taxes
INCOME TAXES
The Company had income tax expense of $10.1 million and $25.3 million in the third quarter and first nine months of 2018, respectively. The Company had income tax expense of $23.4 million and $40.9 million in the third quarter and first nine months of 2017, respectively. The decrease in income tax expense in the third quarter of 2018 compared to the same period in the prior year was primarily due to taxes incurred for a gain related to a joint venture in the third quarter of 2017 and the reduction in the U.S. federal corporate income tax rate, which took effect in 2018. The decrease in income tax expense in the first nine months of 2018 compared with the same period in the prior year was largely due to the reduction in the U.S. federal corporate income tax rate, which took effect in 2018.
The Company’s effective tax rates from continuing operations were 28.8% and 26.4% for the third quarter and first nine months of 2018, respectively. The Company’s effective tax rates from continuing operations were 39.1% and 38.5% for the third quarter and first nine months of 2017, respectively. The decrease in the effective tax rate in the third quarter of 2018 and the first nine months of 2018 compared with the same periods in the prior year was largely due to the reduction in the U.S. federal corporate income tax rate, which took effect in 2018.