XML 82 R21.htm IDEA: XBRL DOCUMENT v3.2.0.727
Income Taxes
6 Months Ended
Jun. 30, 2015
Income Taxes  
Income Taxes

 

Note 13. Income Taxes

 

The Company recognized income tax expense of $37.7 million and $68.3 million for the three and six months ended June 30, 2015, respectively. The Company recognized income tax expense of $35.1 million and $66.1 million for the same periods in 2014.

 

The Company recognizes accrued interest and penalties relating to uncertain tax positions as an income tax provision expense. The Company recognized interest and penalties expense of $0.2 million for the six months ended June 30, 2015 and a benefit on accrued interest and penalties of $0.3 million for the same period in 2014. The Company had approximately $2.6 million and $2.5 million of accrued interest and penalties as of June 30, 2015 and December 31, 2014, respectively.

 

The Company and its subsidiaries file federal and various state income tax returns. The Company is currently being audited by the Internal Revenue Service (“IRS”) for the tax year 2014 and 2015. The Company is also under audit with the California Franchise Tax Board for the tax years 2005 to 2007. The financial statement impact resulting from completion of these audits is not expected to be material.

 

From time to time, there may be differences in opinion with respect to the tax treatment of certain transactions. If a tax position which was previously recognized on the consolidated financial statements is no longer more likely than not to be sustained upon a challenge from the taxing authorities, the tax benefit from the tax position will be derecognized. The Company did not have any material tax positions for which previously recognized benefits were derecognized during the six-month period ended June 30, 2015.

 

Prior period income tax expense has been adjusted to reflect the adoption of ASU 2014-01 on January 1, 2015. See Note 1, Summary of Significant Accounting Policies, for further discussion of ASU 2014-01.