INCOME TAXES

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



	Nine Months Ended September 30,
	2017		2016
Effective Tax Rate	17.2	%	22.5	%

The lower effective tax rate for the nine months ended September 30, 2017 was primarily due to forecasted mix of earnings in jurisdictions where the statutory rate is lower than the U.S. Federal statutory rate as compared to September 30, 2016. The pre-tax charge of $70.9 million related to the deconsolidation of our Venezuelan subsidiary for 2017, which is non-deductible, was largely offset by the prior year impact of pre-tax losses on debt extinguishment and other financing-related costs incurred in connection with the refinancing activities and voluntary prepayments where a tax benefit for a portion of the losses were not expected to be realized. These adjustments were partially offset by the favorable impact of the benefits associated with current year excess tax benefits related to stock-based compensation of $11.6 million compared to $10.8 million for the nine months ended September 30, 2017 and 2016, respectively.

The effective tax rate for the nine months ended September 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 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, non-deductible expenses and interest and currency exchange losses.