XML 47 R22.htm IDEA: XBRL DOCUMENT v2.4.0.8
Income Taxes
6 Months Ended
Jun. 30, 2014
Income Tax Disclosure [Abstract]  
Income Taxes
Income Taxes

For the three months ended June 30, 2014, income tax expense of $25.7 million was provided at 34.2%. For the three months ended June 30, 2013, income tax expense of $17.5 million was provided at 36.3%. The lower 2014 effective tax rate is due primarily to the benefit associated with income attributable to noncontrolling interests that does not increase tax expense and to increased deductions related to domestic production activities.

For the six months ended June 30, 2014, income tax expense of $39.6 million was provided at 34.4%. For the six months ended June 30, 2013, income tax expense of $26.6 million was provided at a rate of 38.2%. The higher 2013 effective tax rate was due primarily to a correction made with respect to the accounting for the other comprehensive income (“OCI”) portion of the Company’s retiree health care plan liability and the Medicare Part D subsidy. The 2014 effective tax rate also reflects a benefit associated with income attributable to noncontrolling interests that does not increase tax expense.

The Company made tax payments of $3.6 million in the second quarter of 2014.