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Income Taxes | 9 Months Ended
--- | ---
Sep. 30, 2012
Income Taxes |
Income Taxes |
6. Income Taxes The consolidated income tax provision includes taxes attributable to the controlling interest and taxes attributable to non-controlling interests as follows:
|  | For the Three Months Ended September 30, |  | For the Nine Months Ended September 30, |
--- | --- | --- | --- | --- | ---
|  | 2011 |  | 2012 |  | 2011 |  | 2012 |
Controlling Interests: |  |  |  |  |  |  |  |  |  |  |  |  |
Current tax |  | $ | 1.9 |  | $ | 8.8 |  | $ | 31.9 |  | $ | 31.1 |
Intangible related deferred taxes |  |  | 10.4 |  |  | 11.7 |  |  | 36.2 |  |  | 0.1 |
Other deferred taxes |  |  | 6.2 |  |  | (1.2 | ) |  | (1.6 | ) |  | 4.9 |
Total controlling interests |  |  | 18.5 |  |  | 19.3 |  |  | 66.5 |  |  | 36.1 |
Non-Controlling Interests: |  |  |  |  |  |  |  |  |  |  |  |  |
Current tax |  |  | 3.1 |  |  | 2.8 |  |  | 9.5 |  |  | 9.1 |
Deferred taxes |  |  | (1.8 | ) |  | (2.7 | ) |  | (2.8 | ) |  | 0.8 |
Total non-controlling interests |  |  | 1.3 |  |  | 0.1 |  |  | 6.7 |  |  | 9.9 |
Provision for income taxes |  | $ | 19.8 |  | $ | 19.4 |  | $ | 73.2 |  | $ | 46.0 |
Income before income taxes (controlling interest) |  | $ | 58.6 |  | $ | 74.2 |  | $ | 191.1 |  | $ | 135.0 |
Effective tax rate attributable to controlling interests(1) |  |  | 31.6 | % |  | 26.0 | % |  | 34.8 | % |  | 26.7 | %
(1) Taxes attributable to the controlling interest divided by Income before income taxes (controlling interest). A summary of the consolidated provision for income taxes is as follows:
|  | For the Three Months Ended September 30, |  | For the Nine Months Ended September 30, |
--- | --- | --- | --- | --- | ---
|  | 2011 |  | 2012 |  | 2011 |  | 2012 |
Current: |  |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | (7.6 | ) | $ | 0.8 |  | $ | 5.6 |  | $ | 3.2 |
State |  |  | 1.6 |  |  | 3.0 |  |  | 6.5 |  |  | 8.1 |
Foreign |  |  | 11.0 |  |  | 7.8 |  |  | 29.3 |  |  | 28.9 |
Total current |  |  | 5.0 |  |  | 11.6 |  |  | 41.4 |  |  | 40.2 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 17.9 |  |  | 15.5 |  |  | 38.4 |  |  | 13.2 |
State |  |  | 0.5 |  |  | 1.6 |  |  | 1.7 |  |  | 1.8 |
Foreign |  |  | (3.6 | ) |  | (9.2 | ) |  | (8.3 | ) |  | (9.2 | )
Total deferred |  |  | 14.8 |  |  | 7.9 |  |  | 31.8 |  |  | 5.8 |
Provision for income taxes |  | $ | 19.8 |  | $ | 19.4 |  | $ | 73.2 |  | $ | 46.0 |
During the three and nine months ended September 30, 2012, the Company recognized a deferred tax benefit of $7.2 million ($4.8 million attributable to the controlling interest) from the revaluation of its deferred taxes as a result of a reduction of corporate tax rates in the United Kingdom and reduced its deferred tax valuation allowance by $3.1 million and $8.3 million, respectively, primarily related to indirect tax benefits from foreign tax positions. The components of deferred tax assets and liabilities are as follows:
|  | December 31, 2011 |  | September 30, 2012 |
--- | --- | --- | --- | --- | ---
Deferred Tax Assets |  |  |  |  |  |  |
State net operating loss carryforwards |  | $ | 26.5 |  | $ | 25.6 |
Foreign tax credit carryforwards |  |  | 15.1 |  |  | 13.2 |
Deferred compensation |  |  | 17.5 |  |  | 21.5 |
Tax benefit of uncertain tax positions |  |  | 11.6 |  |  | 17.3 |
Accrued expenses |  |  | 11.6 |  |  | 4.8 |
Capital loss carryforwards |  |  | 1.5 |  |  | 1.6 |
Total deferred tax assets |  |  | 83.8 |  |  | 84.0 |
Valuation allowance |  |  | (35.6 | ) |  | (27.3 | )
Deferred tax assets, net of valuation allowance |  |  | 48.2 |  |  | 56.7 |
Deferred Tax Liabilities |  |  |  |  |  |  |
Intangible asset amortization |  |  | (247.1 | ) | $ | (263.7 | )
Convertible securities interest |  |  | (171.1 | ) |  | (184.5 | )
Non-deductible intangible amortization |  |  | (127.2 | ) |  | (121.7 | )
Deferred revenue |  |  | (5.6 | ) |  | (5.3 | )
Other |  |  | (3.2 | ) |  | (2.9 | )
Total deferred tax liabilities |  |  | (554.2 | ) |  | (578.1 | )
Net deferred tax liability |  | $ | (506.0 | ) | $ | (521.4 | )
Deferred tax liabilities are primarily the result of tax deductions for the Company's intangible assets and convertible securities. The Company amortizes most of its intangible assets for tax purposes only, reducing its tax basis below its carrying value for financial statement purposes and generating deferred taxes each reporting period. The Company's 2008 senior convertible notes and junior convertible trust preferred securities also generate deferred tax liabilities because the Company's tax deductions are higher than the interest expense recorded for financial statement purposes. At September 30, 2012, the Company has state net operating loss carryforwards that expire over a 15-year period beginning in 2012. The Company also has foreign tax credit carryforwards that expire over a 10-year period beginning in 2012. The valuation allowances at December 31, 2011 and September 30, 2012 were principally related to the Company's projections of taxable income prior to the expiration of these state and federal carryforwards. As of September 30, 2012 the Company carried a liability for uncertain tax positions of $27.9 million, including $2.4 million for interest and related charges and $16.2 million for foreign positions that would generate tax benefits in the United States, if settled. The Company anticipates this liability will decrease by approximately $5.0 million in the fourth quarter through the recognition of tax benefits from the transfer of interests in an Affiliate. The Company does not anticipate any other significant changes in this liability over the next twelve months. The Company periodically has tax examinations in the United States and foreign jurisdictions. Examination outcomes, and any related settlements, are subject to significant uncertainty. The completion of examinations may result in the payment of additional taxes and/or the recognition of tax benefits.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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