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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.