Income Taxes	6 Months Ended
Jun. 30, 2012
Income Taxes	Note 15 – Income Taxes Our effective tax rate was 32.5% in the second quarter of 2012 as compared to 20.4% in the second quarter of 2011. On a year to date basis, the effective tax rate was 4.3% in the first six months of 2012 as compared to 21.8% in the first half of 2011. In the second quarter of 2012, our tax rate was higher than in the second quarter of 2011 due primarily to a shift of income generated in those periods to higher taxing jurisdictions in the second quarter of 2012. In the first half of 2012, our tax rate benefited from certain discrete items, including a $1.5M benefit related to the reversal of the valuation allowance related to the sale of the auction rate securities portfolio, as compared to the first half of 2011 which drove the lower effective tax rate in the first half of 2012 as compared to the first half of 2011. In both the first half of 2012 and 2011, our tax rate benefited from favorable tax rates on certain foreign business activity as compared to our statutory rate of 35%. We project the effective tax rate will be 26% for the balance of 2012, with some quarter to quarter volatility. In 2009, we established a valuation allowance against substantially all of our U.S. deferred tax asset based upon the consideration of all available evidence, both positive and negative, using a “more likely than not” standard. A valuation allowance for deferred tax assets is recorded to the extent we cannot determine if it is more likely than not that we will ultimately realize our deferred tax assets. In determining the need for a valuation allowance, we assess the available positive and negative evidence as well as consider available tax planning strategies. As of June 30, 2012, we have concluded, based on this standard, that a valuation allowance is still appropriate against a significant portion of our U.S. deferred tax assets. We may in appropriate circumstances undertake tax planning strategies that provide a basis for the realization of a portion of our U.S. deferred tax assets. Such a strategy to utilize these assets would be based primarily upon our ability to make a tax election to capitalize certain expenses that will result in generating taxable income and utilizing our foreign tax credits before they expire. We would undertake such a strategy to realize such tax benefits prior to expiration only if we determined it was reasonable, prudent, and feasible. Accordingly, because we believe it is reasonably likely this strategy will be available, along with other positive evidence, we recognized our foreign tax credit and deferred tax assets at June 30, 2012 and June 30, 2011, respectively. The objective of accounting for income taxes is to recognize the amount of taxes payable or refundable for the current year and the deferred tax liabilities and assets for the future tax consequences of events that have been recognized in the entity’s financial statements. We are subject to income taxes in the United States and in numerous foreign jurisdictions. No provision is made for U.S. income taxes on the undistributed earnings of substantially all of our wholly-owned foreign subsidiaries because such earnings are indefinitely reinvested in those companies. If circumstances change and it becomes apparent that some or all of the undistributed earnings of our wholly-owned foreign subsidiaries will not be indefinitely reinvested, a provision for the tax consequences, if any, will be recorded in the period in which the circumstances change. Our accounting policy is to account for interest expense and penalties related to uncertain tax positions as income tax expense. As of June 30, 2012, we have approximately $1.8 million of accrued interest related to uncertain tax positions included in the $18.6 million of unrecognized tax benefits, $11.3 million of which, if recognized, would impact the effective tax rate. We are subject to numerous tax filings including U.S. Federal, various state and certain foreign jurisdictions. Currently, the following tax years remain open to the possibility of audit, by jurisdiction - U.S. Federal: 2008 – 2011; various states: 2007 – 2011; and foreign: 2007 – 2011.

Note 15 – Income Taxes

Our effective tax rate was 32.5% in the second quarter of 2012 as compared to 20.4% in the second quarter of 2011. On a year to date basis, the effective tax rate was 4.3% in the first six months of 2012 as compared to 21.8% in the first half of 2011. In the second quarter of 2012, our tax rate was higher than in the second quarter of 2011 due primarily to a shift of income generated in those periods to higher taxing jurisdictions in the second quarter of 2012. In the first half of 2012, our tax rate benefited from certain discrete items, including a $1.5M benefit related to the reversal of the valuation allowance related to the sale of the auction rate securities portfolio, as compared to the first half of 2011 which drove the lower effective tax rate in the first half of 2012 as compared to the first half of 2011. In both the first half of 2012 and 2011, our tax rate benefited from favorable tax rates on certain foreign business activity as compared to our statutory rate of 35%. We project the effective tax rate will be 26% for the balance of 2012, with some quarter to quarter volatility.

In 2009, we established a valuation allowance against substantially all of our U.S. deferred tax asset based upon the consideration of all available evidence, both positive and negative, using a “more likely than not” standard. A valuation allowance for deferred tax assets is recorded to the extent we cannot determine if it is more likely than not that we will ultimately realize our deferred tax assets. In determining the need for a valuation allowance, we assess the available positive and negative evidence as well as consider available tax planning strategies. As of June 30, 2012, we have concluded, based on this standard, that a valuation allowance is still appropriate against a significant portion of our U.S. deferred tax assets.

We may in appropriate circumstances undertake tax planning strategies that provide a basis for the realization of a portion of our U.S. deferred tax assets. Such a strategy to utilize these assets would be based primarily upon our ability to make a tax election to capitalize certain expenses that will result in generating taxable income and utilizing our foreign tax credits before they expire. We would undertake such a strategy to realize such tax benefits prior to expiration only if we determined it was reasonable, prudent, and feasible. Accordingly, because we believe it is reasonably likely this strategy will be available, along with other positive evidence, we recognized our foreign tax credit and deferred tax assets at June 30, 2012 and June 30, 2011, respectively.

The objective of accounting for income taxes is to recognize the amount of taxes payable or refundable for the current year and the deferred tax liabilities and assets for the future tax consequences of events that have been recognized in the entity’s financial statements. We are subject to income taxes in the United States and in numerous foreign jurisdictions. No provision is made for U.S. income taxes on the undistributed earnings of substantially all of our wholly-owned foreign subsidiaries because such earnings are indefinitely reinvested in those companies. If circumstances change and it becomes apparent that some or all of the undistributed earnings of our wholly-owned foreign subsidiaries will not be indefinitely reinvested, a provision for the tax consequences, if any, will be recorded in the period in which the circumstances change.

Our accounting policy is to account for interest expense and penalties related to uncertain tax positions as income tax expense. As of June 30, 2012, we have approximately $1.8 million of accrued interest related to uncertain tax positions included in the $18.6 million of unrecognized tax benefits, $11.3 million of which, if recognized, would impact the effective tax rate.

We are subject to numerous tax filings including U.S. Federal, various state and certain foreign jurisdictions. Currently, the following tax years remain open to the possibility of audit, by jurisdiction - U.S. Federal: 2008 – 2011; various states: 2007 – 2011; and foreign: 2007 – 2011.