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

For the three and six months ended June 30, 2013, the effective tax rate for continuing operations was 35.0% and 34.5%, respectively, and for the three and six months ended June 30, 2012, the effective tax rate for continuing operations was 37.4%. The reduction in the effective tax rate from the prior-year periods was primarily due to the partnership structure of the S&P Dow Jones Indices LLC and legal settlements as discussed in Note 11 Commitments and Contingencies.

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 June 30, 2013 and December 31, 2012, the total amount of federal, state and local, and foreign unrecognized tax benefits was $78 million and $74 million, respectively, exclusive of interest and penalties. We recognize accrued interest and penalties related to unrecognized tax benefits in interest expense and operating-related expense, respectively. In addition to the unrecognized tax benefits, as of June 30, 2013 and December 31, 2012, we had $19 million and $14 million, respectively, of accrued interest and penalties associated with uncertain tax positions.