Income Taxes
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9 Months Ended |
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Sep. 30, 2014
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Income Tax Expense (Benefit), Continuing Operations [Abstract] | |
Income Taxes | Income Taxes The effective income tax rates were 28.5% and 29.9% for the three months ended September 30, 2014 and 2013, respectively. The effective income tax rates were 30.9% and 30.5% for the nine months ended September 30, 2014 and 2013, respectively. For the three months ended September 30, 2014, the effective tax rate was lower versus the comparable period in 2013, due primarily to larger benefits relating to the Company’s federal domestic production activities deduction and discrete benefits related to expiring statutes, partially offset by a less favorable geographic mix of taxable earnings. For the nine months ended September 30, 2014, the effective tax rate was higher versus the comparable period in 2013, due primarily to a less favorable geographic mix of taxable earnings, partially offset by larger benefits relating to the Company’s federal domestic production activities deduction and discrete benefits related to expiring statutes. The Company conducts operations in multiple countries and, as a result, is subjected to tax examinations in various jurisdictions, including the United States. Uncertain tax positions are reviewed on an ongoing basis and are adjusted after considering facts and circumstances, including progress of tax audits, developments in case law and closing of statutes of limitations. The Company has effectively settled its U.S. federal income tax obligations through 2008. With limited exception, the Company is no longer subject to state and local or foreign examinations by taxing authorities for years before 2006. Within the next twelve months, the Company believes that the resolution of certain federal, foreign and state and local tax examinations are reasonably possible and that a change in estimate, reducing unrecognized tax benefits, may occur. While such a change may be significant, it is not possible to provide a range of the potential change until the examinations progress further or the related statutes of limitation expire. |