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Income Taxes
6 Months Ended
Jun. 30, 2017
Income Tax Disclosure [Abstract]  
Income Taxes
Income Taxes

The tax provision for interim periods is determined using the estimated annual effective consolidated tax rate, based on the current estimate of full-year earnings before taxes, adjusted for the impact of discrete quarterly items. The provision for income taxes was $2.9 million and $17.0 million for the three months ended June 30, 2017 and 2016, respectively, and the effective tax rate was 7.1% and 28.6%, respectively. The provision for income taxes was $5.1 million and $23.9 million for the six months ended June 30, 2017 and 2016, respectively, and the effective tax rate was 5.1% and 27.4%, respectively.

The decrease in the effective tax rate for the three and six months ended June 30, 2017, as compared to the same periods in 2016, reflects the impact of a tax benefit of $9.6 million and $25.5 million for the three and six months ended June 30, 2017, respectively, associated with our adoption of the guidance issued by the FASB regarding share-based payment transactions. Please refer to Note 2, New Accounting Standards, for further discussion of the new accounting guidance. The decrease in the effective tax rate for the three and six months ended June 30, 2017, as compared to the same periods in 2016, also reflects the impact of a tax benefit of $3.5 million related to a planned repatriation of approximately $65.0 million of cash held by non-U.S. subsidiaries during 2017.