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Income Tax Expense
9 Months Ended
Sep. 30, 2016
Income Tax Disclosure [Abstract]  
Income Tax Expense

NOTE 12. INCOME TAX EXPENSE

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

Earnings from continuing operations before income taxes

 

$

63.6

 

 

$

37.2

 

 

$

109.8

 

 

$

92.6

 

Income tax expense

 

 

7.7

 

 

 

17.5

 

 

 

44.4

 

 

 

52.1

 

Effective tax rate

 

 

12.1

%

 

 

47.0

%

 

 

40.4

%

 

 

56.3

%

 

The effective tax rate for the third quarter of 2016 and the first nine months of 2016 was lower than the comparable periods of 2015 primarily due to income tax benefits recorded during the third quarter of 2016 resulting from the reversal of reserves for uncertain tax positions as a result of an expiration of the federal statute of limitations to review previously filed income tax returns.

We do not expect to record any further material changes during 2016 to unrecognized tax benefits that were claimed on tax returns covering tax years ended on or before December 31, 2015.

As of September 30, 2016, we consider foreign unremitted earnings to be permanently reinvested.