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INCOME TAXES
6 Months Ended
Jun. 30, 2012
Income Tax Disclosure [Abstract]  
INCOME TAXES
INCOME TAXES
 
The Company’s effective tax rate for the three and six months ended June 30, 2012 was 35.8% and 36.0%, respectively, compared to 33.9% and 35.4% for the same period in 2011.
 
As of June 30, 2012, the Company had recorded $36.2 million of liabilities for unrecognized tax benefits and $28.1 million of interest and penalties. As of December 31, 2011, the Company had recorded $36.2 million of liabilities for unrecognized tax benefits and $26.8 million of interest and penalties.
 
The Company believes that it is reasonably possible that total unrecognized tax benefits and related reserves will decrease by approximately $63.1 million within the next twelve months as a result of the lapse of the statute of limitations. The $63.1 million (which includes interest and penalties of $27.9 million) is primarily related to a historical Canadian debt restructuring transaction and, if realized, will be recorded in earnings and therefore will impact the effective income tax rate.