Income Taxes (Notes)

3 Months Ended

Mar. 31, 2017

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 $183.4 million and $148.8 million for the three months ended March 31, 2017 and 2016, respectively. The Company's effective tax rate was 42.4% and 45.1% for the three months ended March 31, 2017 and 2016, respectively. The Company's effective tax rate for the three months ended March 31, 2017 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 and the non-tax deductible Branded Prescription Drug Fee, partly offset by the tax benefit associated with stock-based compensation, the domestic manufacturing deduction, and the federal tax credit for research activities.

The Company's effective tax rate for the three months ended March 31, 2016 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 and the non-tax deductible Branded Prescription Drug Fee, partly offset by the tax benefit associated with stock-based compensation (see Note 1), the domestic manufacturing deduction, and the federal tax credit for increased research activities.

The Company also recorded an income tax benefit in its Statement of Comprehensive Income of $2.0 million for the three months ended March 31, 2016 in connection with unrealized gains (losses) on available-for-sale marketable securities. There was no such income tax benefit or provision recorded for the three months ended March 31, 2017.