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Income Taxes
6 Months Ended
Jun. 30, 2016
INCOME TAXES [Abstract]  
Income Taxes
INCOME TAXES
The Company's effective income tax rates were 21.5% and 22.3% for the three and six months ended June 30, 2016, respectively, compared to 28.1% and 34.0% for the three and six months ended June 30, 2015, respectively. 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 when compared to the same period of 2016.
The Company's effective income tax rates for the three and six months ended June 30, 2016 and 2015, as adjusted for foreign currency exchange gains and losses, 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.