XML 56 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
Income Taxes
6 Months Ended
Jun. 30, 2012
Income Tax Disclosure [Abstract]  
Income Taxes
INCOME TAXES

During the three months and six months ended June 30, 2012, the Company recognized Income Tax Expense of $28.6 million and $41.6 million on Income before Income Taxes and Equity Income of Unconsolidated Entities of $69.3 million and $99.3 million, respectively. The effective tax rate for the six months ended June 30, 2012 was different than the statutory rate primarily due to the mix and levels between foreign and domestic earnings including losses in jurisdictions with full valuation allowances, as well as the effects of certain discrete tax items. During the three months and six months ended June 30, 2011, the Company recognized Income Tax Expense of $7.4 million and $10.3 million on Income before Income Taxes and Equity Income of Unconsolidated Entities of $38.9 million and $68.2 million, respectively. Income Tax Expense for the three months and six months ended June 30, 2011 primarily relates to the non-cash expense of $5.6 million and $11.2 million, respectively, associated with the amortization of goodwill for tax purposes. During the fourth quarter of 2011, the Company released its U.S. federal and a substantial portion of its state deferred tax valuation allowance. The Company has approximately $1.1 billion of Net Operating Losses for U.S. federal income tax purposes, which are currently being used and may be used to offset future taxable income.