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Income Taxes
9 Months Ended
Sep. 30, 2014
Income Tax Disclosure [Abstract]  
Income Taxes
Income Taxes
 
The Company records income tax expense during interim periods based on its best estimate of the full year’s tax rate as adjusted for discrete items, if any, that are taken into account in the relevant interim period.  Each quarter, the Company updates its estimate of the annual effective tax rate and any change in the estimated rate is recorded on a cumulative basis. The Company’s tax rate was 30.6% and 33.6% for the three and nine months ended September 30, 2014, respectively, compared to 37.5% and 32.9% for the three and nine months ended September 30, 2013, respectively. The Company’s tax rate for the three months ended September 30, 2014 was lower than the statutory federal income tax rate of 35% primarily attributable to the release of certain liabilities for uncertain tax positions as the statute of limitations expired and higher foreign tax credits due to higher earnings from foreign jurisdictions. Additionally, the lower tax rate during the nine months ended September 30, 2014 was attributable to the $18.1 million gain on share repurchase which had no tax expense and the completion of a state examination, which resulted in the recognition of $2.5 million of income tax benefits from the reversal of previously reserved tax positions. The Company’s tax rate for the nine months ended September 30, 2013 was lower than the statutory federal income tax rate of 35% primarily attributable to the completion of an IRS examination which resulted in recognition of $16.1 million of income tax benefits during the nine months ended September 30, 2013.
 
The Company’s estimated annual effective full year 2014 tax rate will vary from the statutory federal rate primarily as a result of variances among the estimates and amounts of full year sources of taxable income (e.g., domestic consolidated, joint venture and/or international), the realization of tax credits (e.g., research and experimentation, foreign tax and state incentive), adjustments which may arise from the resolution of tax matters under review and the Company’s assessment of its liability for uncertain tax positions.