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Income Taxes
6 Months Ended
Jun. 30, 2013
Income Tax Disclosure [Abstract]  
Income Taxes
Income Taxes

For the three months ended June 30, 2013 and 2012, the Company recorded an $11.9 million and an $8.3 million provision for income taxes, respectively, based upon its estimated federal, state and foreign tax liability for the year. The worldwide effective income tax rates for the Company for the three months ended June 30, 2013 and 2012 were 39.7% and 37.5%, respectively. Both the 2013 and 2012 effective income tax rates include a non-cash tax expense arising from purchase accounting for future contingent payments related to the Company's acquisition of Targanta Therapeutics Corporation (Targanta). Effective tax rates for the 2013 period include non-cash tax expense due to purchase accounting for future contingent payments related to the Company's acquisition of Incline Therapeutics, Inc. (Incline).

For the six months ended June 30, 2013 and 2012, the Company recorded a $1.1 million and a $12.7 million provision for income taxes, respectively, based upon its estimated federal, state and foreign tax liability for the year. The worldwide effective income tax rates for the Company for the six months ended June 30, 2013 and 2012 were 14.6% and 37.4%, respectively. The effective income tax rate for the six months ended June 30, 2013 reflects the effect of a one-time $2.2 million income tax benefit arising from the retroactive reinstatement of the research and development tax credit included in The American Tax Relief Act of 2012 which was signed into law on January 2, 2013. Both the 2013 and 2012 effective income tax rates include a non-cash tax expense arising from purchase accounting for future contingent payments related to the Company's acquisition of Targanta. Effective tax rates for the 2013 period include non-cash tax expense due to purchase accounting for future contingent payments related to the Company's acquisition of Incline.

The Company continues to evaluate its ability to realize its deferred tax assets on a periodic basis and will adjust such amounts in light of changing facts and circumstances including, but not limited to, future projections of taxable income, tax legislation, rulings by relevant tax authorities, the progress of ongoing tax audits and the regulatory approval of products currently under development. Any changes to the valuation allowance or deferred tax assets in the future would impact the Company's income taxes.