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Income Taxes
3 Months Ended
Mar. 31, 2016
Income Tax Disclosure [Abstract]  
Income Taxes
Income taxes for the interim periods presented have been included in the accompanying Consolidated Financial Statements on the basis of an estimated annual effective tax rate ("ETR"). The determination of the consolidated provision for income taxes requires management to make certain judgments and estimates. Changes in the estimated level of annual pre-tax earnings, tax laws and changes resulting from tax audits can affect the overall effective income tax rate, which impacts the level of income tax expense and net income. Judgments and estimates related to the Company’s projections and assumptions are inherently uncertain; therefore, actual results could differ materially from projections. The year-to-date ETR deviates from the statutory U.S. federal income tax rate, mainly due to the taxing jurisdictions in which the Company and its foreign subsidiaries generate taxable income or loss, the favorable impact of its significant tax holidays in Malaysia and judgments as to the realizability of the Company’s deferred tax assets.

The Company's ETR from continuing operations for the three months ended March 31, 2016 and 2015 was a 23.8% provision and a 48.5% provision, respectively. During the three months ended March 31, 2016, the ETR from continuing operations was impacted by discrete items totaling $1.1 million, primarily related to a $0.8 million discrete tax expense for U.S. operations. During the three months ended March 31, 2015, the ETR from continuing operations was impacted by discrete items totaling $2.5 million. During the three months ended March 31, 2015, the Company recorded a valuation allowance of $2.0 million on certain U.S. deferred tax assets as the Company believes it is more likely than not that these assets will not be realized. Absent the discrete items, the ETR from continuing operations for the three months ended March 31, 2016 and 2015 was a 12.9% provision and a 21.4% provision, respectively. The change in the ETR, excluding the discrete items, was due to the mix of earnings and losses by taxing jurisdictions.

The ETR is favorably impacted by two tax holidays granted to the Company in Malaysia effective through December 31, 2021. These tax holidays are subject to the Company's satisfaction of certain conditions, including investment or sales thresholds, which the Company expects to satisfy. If the Company fails to satisfy such conditions, the Company's ETR may be significantly adversely impacted. The continuing operations benefit of these incentives for the three months ended March 31, 2016 and 2015 was approximately $3.4 million and $3.5 million, respectively. The continuing operations benefit of the tax holidays on a per share basis for the three months ended March 31, 2016 and 2015 was $0.04 per share.