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INCOME TAXES
9 Months Ended
Sep. 30, 2020
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
In determining its interim provision for income taxes, the Company uses an estimated annual effective tax rate, which is based on expected annual profit before tax, statutory tax rates and tax planning opportunities available in the various jurisdictions in which the Company operates. Certain significant or unusual items are separately recognized in the quarter in which they occur and can be a source of variability in the effective tax rates from quarter to quarter.
The Company’s worldwide effective tax rates for the three months ended September 30, 2020 and 2019 were 14.0% and 16.2%, respectively, and 12.6% and 13.1% during the nine months ended September 30, 2020 and 2019, respectively.
The Company’s effective tax rates benefited from excess tax benefits recorded upon vesting or exercise of stock-based awards of $9,165 and $4,228 during the three months ended September 30, 2020 and 2019, respectively, and $28,991 and $20,482 during the nine months ended September 30, 2020 and 2019, respectively.