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INCOME TAXES | 9 Months Ended
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Sep. 30, 2015
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES The following table provides a summary of the Company’s effective tax rate:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2015 |  | 2014 |  | 2015 |  | 2014
Reported tax rate | 694.6 | % |  | 18.0 | % |  | 119.7 | % |  | 28.4 | %
The Company’s effective income tax rates for the three and nine months ended September 30, 2015 were 694.6% and 119.7% respectively. The 2015 income tax expense for both periods includes $35.6 million of expense relating to a tax valuation allowance recorded in its continuing operations as a result of the spin-off of the spine business. The Company determined that upon spin-off, the deferred tax assets of the spine business would be unrealizable. Excluding the valuation allowance, the Company's effective income tax rates for the three months ended September 30, 2015 and 2014 were 29.8% and 18.0%, respectively. The primary drivers of the overall tax rate for the three months ended September 30, 2015 were a tax expense of $0.3 million relating to the filing of foreign income tax returns and the settlement of foreign audits. The primary driver of the overall tax rate for the three months ended September 30, 2014 was a benefit of $1.6 million for the release of uncertain tax positions and related interest due to expiration of statute of limitations. Excluding the valuation allowance, the Company's effective income tax rates for the nine months ended September 30, 2015 and 2014 were 33.1% and 28.6%, respectively. The primary driver of the overall tax rate for the nine months ended September 30, 2015 were a tax expense of $0.9 million relating to the filing of Federal and foreign income tax returns. The primary driver of the overall tax rate for the nine months ended September 30, 2014 was a benefit of $1.9 million for the release of uncertain tax positions and related interest due to expiration of statute of limitations. The Company expects its effective income tax rate for the full year to be approximately 87%, driven largely by the tax expense of $35.6 million in its continuing operations, relating to the establishment of a valuation allowance created upon the SeaSpine spin-off. The valuation allowance is due to the deferred tax assets having been impaired by the decision to spin-off the business into a separate entity that, more likely than not, will not be able to realize the value of those deferred tax assets. Excluding the valuation allowance adjustment, the Company expects its effective income tax rate for the full year to be approximately 32.0%, resulting largely from audit settlements, offset with benefits from the domestic manufacturing deduction and the release of uncertain tax positions, as well as the jurisdictional mix of pretax income in U.S.-based operations relative to foreign operations. This estimate could be revised in the future as additional information is presented to the Company.

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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 Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: 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 Reference 3: 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 4: 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 5: 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 + Details
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