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Income Taxes
9 Months Ended
Sep. 30, 2012
Income Tax Disclosure [Abstract]  
Income Taxes
Income Taxes

For the three and nine months ended September 30, 2012, the effective tax rate for continuing operations was 33.7% and 35.0%, respectively. For the three and nine months ended September 30, 2011, the effective tax rate for continuing operations was 36.3%. The reduction in the effective tax rate from the prior-year periods was primarily due to the partnership structure of the S&P/DJ Indices and Growth and Value Plan and restructuring costs incurred primarily in the United States.

Including discontinued operations, the effective tax rate was 36.4% for the three and nine months ended September 30, 2011.

At the end of each interim period, we estimate the annual effective tax rate and apply that rate to our ordinary quarterly earnings. The tax expense or benefit related to significant, unusual or extraordinary items that will be separately reported or reported net of their related tax effect, and are individually computed, are recognized in the interim period in which those items occur. In addition, the effect of changes in enacted tax laws or rates or tax status is recognized in the interim period in which the change occurs.

As of September 30, 2012December 31, 2011 and September 30, 2011, the total amount of federal, state and local, and foreign unrecognized tax benefits was $68 million, $57 million and $63 million, respectively, exclusive of interest and penalties. We recognize accrued interest and penalties related to unrecognized tax benefits in interest expense and operating expense, respectively. In addition to the unrecognized tax benefits, as of September 30, 2012December 31, 2011 and September 30, 2011, we had $17 million, $13 million and $15 million, respectively, of accrued interest and penalties associated with uncertain tax positions.