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TAXES ON INCOME
3 Months Ended
Mar. 31, 2017
Income Tax Disclosure [Abstract]  
TAXES ON INCOME
TAXES ON INCOME

For the three months ended March 31, 2017, the effective income tax rate was 31.8%. Income tax expense and the effective income tax rate for the three months ended March 31, 2017 benefited from $16 million of excess tax benefits associated with stock-based compensation arrangements.

For the three months ended March 31, 2016, the effective income tax rate was 38.9%. Income tax expense for the three months ended included $2 million of excess tax benefits associated with stock-based compensation arrangements.

A full description regarding the Company's adoption of the ASU that simplified several aspects of the accounting for stock-based compensation award transactions, including the income tax consequences, classification of awards as either equity or liabilities, classification on the statement of cash flows and accounting for forfeitures is contained in Note 2 to the consolidated financial statements in the Company's 2016 Annual Report on Form 10-K.