INCOME TAXES

Our effective income tax rates for the six months ended June 30, 2017 and 2016 are as follows:



	Six Months Ended June 30,
	2017		2016
Effective Tax Rate	29.2	%	26.4	%

The higher effective tax rate for the six months ended June 30, 2017 was primarily due to the pre-tax charge of $70.9 million related to the deconsolidation of our Venezuelan subsidiary, as it was non-deductible. This adjustment was partially offset by the favorable impact of the benefits associated with current year excess tax benefits related to stock-based compensation of $8.9 million compared to $4.4 million for the six months ended June 30, 2017 and 2016, respectively, as well as the net favorable impact of earnings where the statutory rate is lower than the U.S. Federal statutory rate.

The effective tax rate for the six months ended June 30, 2017 differs from the U.S. Federal statutory rate due to various items that impacted the effective rate both favorably and unfavorably. We recorded favorable adjustments for earnings in jurisdictions where the statutory rate is lower than the U.S. Federal statutory rate, currency exchange losses and current year excess tax benefits related to stock-based compensation. These adjustments were offset by the unfavorable impact of the Venezuelan deconsolidation charge, pre-tax losses attributable to jurisdictions where a tax benefit is not expected to be realized and non-deductible expenses and interest.