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Income Taxes
3 Months Ended
Mar. 31, 2016
Income Tax Disclosure [Abstract]  
Income Taxes
Income Taxes
For the three months ended March 31, 2016, income tax expense attributable to continuing operations was $58,543, representing an effective tax rate of 33%. The items resulting in variances from the federal statutory rate of 35% include state income tax expense of $3,215, tax benefit from foreign subsidiary earnings indefinitely reinvested outside the U.S. of $3,465, tax benefit from the domestic production activities deduction of $5,322 and tax expense of $2,000 for an increase in valuation allowances for foreign taxes.
For the three months ended March 31, 2015, income tax expense attributable to continuing operations was $61,254, representing an effective tax rate of 33%. The items resulting in variances from the federal statutory rate of 35% include state income tax expense of $3,834, tax benefit from foreign subsidiary earnings indefinitely reinvested outside the U.S. of $5,262, tax benefit from the domestic production activities deduction of $5,168 and tax expense of $2,831 for an increase in valuation allowances for foreign taxes.
At March 31, 2016, the Company had foreign tax credit carry forwards of approximately $43,000, expiring on various dates from 2016 through 2026. For the three months ended March 31, 2016, excess tax benefits of $852 relating to share-based compensation awards and $400 relating to amortization of tax deductible second component goodwill were realized as a reduction in tax liability (as determined on a ‘with-and-without’ approach).