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Income Taxes
3 Months Ended
Mar. 31, 2014
Income Tax Disclosure [Abstract]  
Income Taxes
Income Taxes

For the three months ended March 31, 2014 and 2013, the Company recorded a $22.1 million provision for income taxes and a $10.8 million benefit 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 March 31, 2014 and 2013 were 129.3% and 48.2%, respectively. This increase in effective tax rate is driven primarily by the non-cash tax impact arising from changes in the value of the contingent consideration related to the Company's acquisitions of Targanta Therapeutics Corporation (Targanta), Incline Therapeutics, Inc. (Incline), ProFibrix B.V. (ProFibrix) and Rempex Pharmaceuticals, Inc. (Rempex). The 2014 effective tax rate also reflects higher tax losses in foreign jurisdictions from which we are unable to record a benefit currently, primarily the result of our acquisition of ProFibrix. The 2013 effective tax rate also reflects the one time 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 in January 2013 and expired on December 31, 2013.

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.