Income Taxes (Notes)

6 Months Ended

Jun. 30, 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 $138.1 million and $96.0 million for the three months ended June 30, 2017 and 2016, respectively, and $321.5 million and $244.8 million for the six months ended June 30, 2017 and 2016, respectively. The Company's effective tax rate was 26.3% and 32.9% for the three months ended June 30, 2017 and 2016, respectively, and 33.6% and 39.3% for the six months ended June 30, 2017 and 2016, respectively. The Company's effective tax rate for the three and six months ended June 30, 2017 was positively impacted, compared to the U.S. federal statutory rate, by the tax benefit associated with stock-based compensation, the domestic manufacturing deduction, and the federal tax credit for research activities, partly offset 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.

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, the domestic manufacturing deduction, and the federal tax credit for increased research activities, partly 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 also recorded an income tax benefit of $1.6 million for the six months ended June 30, 2016 in connection with unrealized gains (losses) on available-for-sale marketable securities. Income tax provisions recorded in the Company's Statement of Comprehensive Income for the three months ended June 30, 2016, and three and six months ended June 30, 2017 were not material.