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Taxes on Income
6 Months Ended
Jun. 30, 2018
Income Tax Disclosure [Abstract]  
Taxes on Income
TAXES ON INCOME
The Company’s effective tax rate in the quarter and six-month period ended June 30, 2018 was 28.7% and 24.9%, respectively. These effective rates were negatively impacted, as compared to U.S. federal statutory tax rates, by valuation allowances recorded on certain net operating losses in foreign jurisdictions for which no income tax benefit can be recognized. The effective tax rate for the six months ended June 30, 2018 was positively impacted by a $1.5 million net tax benefit, or 19.5% benefit to the effective tax rate, related to employee share-based payments vested during the first six months of 2018.
For the quarter and six-month period ended June 30, 2017, the Company’s effective tax rate was 29.5% and 26.3%, respectively. These effective rates were favorably impacted, as compared to U.S. federal statutory tax rates, by earnings from foreign jurisdictions, which, during the period, had lower statutory tax rates. The effective tax rate for the first six months of 2017 was also favorably impacted by the reversal of previously recorded valuation allowances due to changes in the realization of future tax benefits, primarily in the United States.