INCOME TAXES	3 Months Ended
Mar. 31, 2017
INCOME TAXES
INCOME TAXES	12. INCOME TAXES The Company’s tax rate was 17.4% and 24.0% for the first quarter of 2017 and 2016, respectively. The change in the Company’s tax rate for the first quarter 2017 compared to first quarter of 2016 was primarily driven by the recognition of $16.0 million of excess tax benefits beginning in 2017, related to employee share-based payments (resulting from the adoption of a new accounting standard as discussed in Note 1) and, to a lesser extent, global tax planning strategies. The Company recognized net benefits related to discrete tax items of $22.8 million and $4.8 million during the first quarter of 2017 and 2016, respectively. First quarter 2017 net benefits related to discrete tax items were driven primarily by the $16.0 million of share-based compensation excess tax benefits noted above. The remaining $6.8 million discrete tax benefits were primarily related to the release of reserves for uncertain tax positions due to the expiration of statute of limitations in non-U.S. jurisdictions. First quarter 2016 net benefits related to discrete tax items were driven primarily by the release of reserves for uncertain tax positions due to the expiration of statute of limitations in non-U.S. jurisdictions.

INCOME TAXES

3 Months Ended

Mar. 31, 2017

12. INCOME TAXES

The Company’s tax rate was 17.4% and 24.0% for the first quarter of 2017 and 2016, respectively. The change in the Company’s tax rate for the first quarter 2017 compared to first quarter of 2016 was primarily driven by the recognition of $16.0 million of excess tax benefits beginning in 2017, related to employee share-based payments (resulting from the adoption of a new accounting standard as discussed in Note 1) and, to a lesser extent, global tax planning strategies.

The Company recognized net benefits related to discrete tax items of $22.8 million and $4.8 million during the first quarter of 2017 and 2016, respectively.

First quarter 2017 net benefits related to discrete tax items were driven primarily by the $16.0 million of share-based compensation excess tax benefits noted above. The remaining $6.8 million discrete tax benefits were primarily related to the release of reserves for uncertain tax positions due to the expiration of statute of limitations in non-U.S. jurisdictions.

First quarter 2016 net benefits related to discrete tax items were driven primarily by the release of reserves for uncertain tax positions due to the expiration of statute of limitations in non-U.S. jurisdictions.