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Income Taxes
6 Months Ended
Jun. 30, 2014
Income Tax Disclosure [Abstract]  
Income Taxes
Income Taxes

For the three months ended June 30, 2014 and 2013, the Company recorded a $23.4 million benefit and an $11.9 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, 2014 and 2013 were (81.9)% and 39.7%, respectively. This decrease in effective tax rate is primarily driven by a decrease in pre-tax income and a discrete tax benefit of $0.6 million related to the effective settlement of an Australian tax audit, offset by an increase in the non-cash tax impact arising from changes in the value of contingent consideration related to the Company's acquisitions of Targanta Therapeutics Corporation (Targanta), Incline Therapeutics, Inc. (Incline), ProFibrix B.V. (ProFibrix), Rempex Pharmaceuticals, Inc. (Rempex) and Tenaxis. The decrease in the effective tax rate also reflects higher tax losses in foreign jurisdictions, driven primarily by the acquisition of ProFibrix from which the Company is unable to record a benefit.

For the six months ended June 30, 2014 and 2013, the Company recorded a $1.3 million benefit and a $1.1 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, 2014 and 2013 were (11.6)% and 14.6%, respectively. This decrease in the effective tax rate is primarily due to a decrease in pre-tax income and the discrete tax benefit related to the effective settlement of an Australian tax audit. The decrease in the effective tax rate was offset by an increase in non-cash tax impact arising from changes in the value of contingent consideration related to the Company's acquisitions of Targanta, Incline, ProFibrix, Rempex and Tenaxis and higher tax losses in foreign jurisdictions from which the Company is unable to record a benefit, primarily due to the acquisition of ProFibrix from which the Company is unable to record a benefit.

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.