Income Taxes (Notes)

9 Months Ended

Sep. 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 $177.3 million and $101.1 million for the three months ended September 30, 2017 and 2016, respectively, and $498.8 million and $345.9 million for the nine months ended September 30, 2017 and 2016, respectively. The Company's effective tax rate was 31.3% and 27.6% for the three months ended September 30, 2017 and 2016, respectively, and 32.7% and 35.0% for the nine months ended September 30, 2017 and 2016, respectively. The Company's effective tax rate for the three and nine months ended September 30, 2017 and 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 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 months ended September 30, 2016 was also positively impacted by changes to tax reserves.

The Company also recorded an income tax provision of $6.4 million and $6.5 million in its Statement of Comprehensive Income for the three and nine months ended September 30, 2017, respectively, primarily related to unrealized gains on available-for-sale marketable securities. The Company recorded an income tax benefit of $3.3 million in its Statement of Comprehensive Income for the nine months ended September 30, 2016 primarily related to unrealized losses on available-for-sale marketable securities; such amount for the three months ended September 30, 2016 was not material.