Income Taxes (Notes)

6 Months Ended

Jun. 30, 2016

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The Company is subject to U.S. federal, state, and foreign income taxes. The Company recorded an income tax provision in its Statement of Operations of $96.0 million and $133.4 million for the three months ended June 30, 2016 and 2015, respectively, and $244.8 million and $333.9 million for the six months ended June 30, 2016 and 2015, respectively. The Company's effective tax rate was 32.9% and 40.7% for the three months ended June 30, 2016 and 2015, respectively, and 39.3% and 55.2% for the six months ended June 30, 2016 and 2015, respectively. The Company's effective tax rate for the three and six months ended June 30, 2016 was positively impacted, compared to the U.S. federal statutory rate, by the tax benefit associated with stock-based compensation (see Note 13), the domestic manufacturing deduction, and the federal tax credit for increased research activities, offset by the negative impact of losses incurred in foreign jurisdictions with rates lower than the U.S. federal statutory rate and the non-tax deductible Branded Prescription Drug Fee.

The Company's effective tax rate for the three and six months ended June 30, 2015 was negatively impacted, compared to the U.S. federal statutory rate, by losses incurred in foreign jurisdictions with rates lower than the U.S. federal statutory rate, the non-deductible Branded Prescription Drug Fee, and expiration, at the end of 2014, of the federal tax credit for increased research activities.

The Company also recorded an income tax expense in its Statement of Comprehensive Income of $0.4 million and an income tax benefit of $1.6 million for the three and six months ended June 30, 2016, respectively, in connection with unrealized gains (losses) on available-for-sale marketable securities. The Company recorded an income tax benefit in its Statement of Comprehensive Income of $16.3 million and $18.9 million for the three and six months ended June 30, 2015, respectively, in connection with unrealized losses on available-for-sale marketable securities.