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Income Taxes
6 Months Ended
Jun. 30, 2012
Income Taxes

4. Income Taxes

The effective tax rate for both the quarter and six months ended June 30, 2012 was approximately 28%. The effective tax rate in both the prior year quarter and prior six month period reflected the discrete tax effect for legal settlements, primarily related to Hernia Product Claims (see Note 7 of the notes to condensed consolidated financial statements), which were incurred in a low tax jurisdiction. At June 30, 2012, the total amount of liability for unrecognized tax benefits related to federal, state and foreign taxes was $44.2 million (of which $34.7 million would impact the effective tax rate, if recognized) plus $5.4 million of accrued interest. At December 31, 2011, the liability for unrecognized tax benefits was $45.0 million plus $5.0 million of accrued interest. Depending upon open tax examinations and/or the expiration of applicable statutes of limitation, the company believes it is reasonably possible that the total amount of unrecognized tax benefits may decrease by up to $3.1 million within the next 12 months.