XML 61 R15.htm IDEA: XBRL DOCUMENT v2.4.0.8
Income Taxes
9 Months Ended
Sep. 30, 2014
Income Tax Disclosure [Abstract]  
Income Taxes
INCOME TAXES

During the three and nine months ended September 30, 2014, the Company recognized Income Tax Expense of $39.3 million and $30.9 million, respectively, on Income before Income Taxes and Equity Income of Unconsolidated Entities of $91.9 million and $77.1 million, respectively. The effective tax rate for the three and nine months ended September 30, 2014 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 impact of the writeoff of nondeductible goodwill in connection with the sale of the labels and multi-wall bag businesses and other discrete items. During the three and nine months ended September 30, 2013, the Company recognized Income Tax Expense of $35.8 million and $70.9 million on Income before Income Taxes and Equity Income of Unconsolidated Entities of $81.0 million and $171.1 million, respectively. The effective tax rate for the three and nine months ended September 30, 2013 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. The Company has approximately $811 million 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.