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Income Taxes
6 Months Ended
Jun. 30, 2014
Income Tax (Benefit) Expense [Abstract]  
Income Taxes
Income Taxes

The Company’s income tax expense and resulting effective tax rate are based upon the respective estimated annual effective tax rates applicable for the respective periods adjusted for the effects of items required to be treated as discrete to the period, including changes in tax laws, changes in estimated exposures for uncertain tax positions and other items.

The Company’s effective tax rate for the six months ended June 30, 2014 included tax benefits related to the resolution of certain tax contingencies of $11.3 million and tax benefits of $15.1 million related to the $42.3 million pretax charges associated with the change in exchange rates used to remeasure the Company’s Venezuelan net assets, which includes a $38.7 million charge upon adoption of the SICAD I rate and $4.0 million charge associated with the first turn of Venezuelan inventory after the devaluation (see Footnote 1). The Company’s effective tax rate for the six months ended June 30, 2013 included tax benefits of $13.1 million, including $8.3 million of net tax benefits associated with the recognition of incremental deferred taxes and $4.8 million associated with the resolution of certain tax contingencies.

The Company’s effective tax rates for the six months ended June 30, 2014 and 2013 were also impacted by the geographical mix in earnings and other discrete items recorded in the periods.