Income Taxes

27 Months Ended

Mar. 31, 2013

Income Taxes

Note 13. Income Taxes

The following table summarizes the Company’s income tax provision and effective income tax rate for the three-month periods ended March 31, 2013 and 2012:

	Three Months Ended March 31,
	2013			2012
Income before income taxes	$	62,008		$	77,181
Provision for income taxes	$	16,122		$	22,066
Effective income tax rate		26.0	%		28.6	%

The decrease in the provision for income taxes and effective tax rate for the three-month period ended March 31, 2013 when compared to the same three-month period of 2012 is primarily due to the enactment of the American Taxpayer Relief Act of 2012 in January 2013 and decreased profits in jurisdictions with higher tax rates, which were partially offset by tax costs associated with cash repatriation.

The Company changed the classification of certain components of foreign jurisdiction current income tax receivable and deferred tax balances, as well as the presentation of the tax impact of intercompany profit eliminations, in its presentation of its Condensed Consolidated Balance Sheet as of December 31, 2012.