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Income Tax Expense
6 Months Ended
Jun. 30, 2016
Income Tax Disclosure [Abstract]  
Income Tax Expense

NOTE 12. INCOME TAX EXPENSE

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

Earnings from continuing operations before income taxes

 

$

41.3

 

 

$

33.0

 

 

$

46.2

 

 

$

55.4

 

Income tax expense

 

 

24.7

 

 

 

17.9

 

 

 

36.7

 

 

 

34.6

 

Effective tax rate

 

 

59.8

%

 

 

54.2

%

 

 

79.4

%

 

 

62.5

%

 

The effective tax rate for the second quarter of 2016 and the first six months of 2016 was higher than the comparable periods of 2015 primarily due to negative tax impacts resulting from the separation of AFI, most notably the revaluation of state deferred tax assets and liabilities and, for the first six months of 2016, an increase in non-deductible costs resulting from the separation.

We do not expect to record any material changes during 2016 to unrecognized tax benefits that were claimed on tax returns covering tax years ending on or before December 31, 2015.

As of June 30, 2015, we consider foreign unremitted earnings to be permanently reinvested.