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Income Taxes
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6 Months Ended |
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Jun. 30, 2012
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| Income Taxes [Abstract] | |
| Income Taxes |
8. Income Taxes Income taxes were $50.2 million and $94.7 million for the three and six months ended June 30, 2012, as compared to $41.1 million and $73.9 million for the same periods in 2011. The effective income tax rate was 27.3% and 28.2% for the three and six months ended June 30, 2012, as compared to 27.0% and 27.1% for the same periods in 2011. The increase in the effective tax rate for the three and six months ended June 30, 2012, as compared to the same periods in 2011, was primarily due to lower net benefits from discrete events partially offset by the impact of changes in the geographic mix of the Company’s income. As of June 30, 2012, the total amount of unrecognized tax benefits, including related interest and penalties was $39.3 million. If the total amount of unrecognized tax benefits was recognized, $32.2 million of unrecognized tax benefits, $4.9 million of interest and $1.2 million of penalties would impact the effective tax rate. The Company believes that it is reasonably possible that the amount of unrecognized tax benefits could decrease by up to approximately $24.2 million within the next twelve months. Of this possible decrease, $21.4 million would be due to the settlement of audits or resolution of administrative or judicial proceedings. The remaining possible decrease of $2.8 million would be due to the expiration of statute of limitations in various jurisdictions. |