| Income Taxes |
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For the three and nine months ended September 30, 2011 and 2010, the effective tax rate for
continuing operations was 36.3%. Including discontinued operations, the effective tax rate was
36.4% for the three and nine months ended September 30, 2011 and 2010. |
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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. |
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As of September 30, 2011 and December 31, 2010, the total amount of federal, state and local,
and foreign unrecognized tax benefits was $63.1 million and $52.9 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, 2011 and December 31, 2010, we had $15.5
million and $14.3 million, respectively, of accrued interest and penalties associated with
uncertain tax positions. |
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