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Income Taxes
6 Months Ended
Jun. 30, 2015
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, 2015 is impacted by the geographical mix of earnings and the strengthening of the U.S. Dollar against foreign currencies offset by increased tax benefit from the impact of foreign tax credits. 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 charge associated with the change in exchange rates used to remeasure the Company’s Venezuelan net monetary assets, which includes a $38.7 million charge upon adoption of the SICAD rate and $4.0 million charge associated with the first turn of Venezuelan inventory after the devaluation.