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Income Tax Benefit/Expense
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6 Months Ended |
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Jun. 30, 2013
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| Income Tax Disclosure [Abstract] | |
| Income Tax Benefit/Expense |
Income Tax Benefit/Expense
Income tax expense was $11.2 million for the second quarter of 2013 as compared to $9.8 million for the second quarter of 2012. The increase in current period tax expense is primarily due to a shift in the mix of our foreign and domestic operation's pre-tax earnings from $29.9 million in the 2012 second quarter and $19.6 million in the 2013 second quarter. In addition, our tax expense was $1.9 million higher during the second quarter due to non-deductible acquisition-related transaction costs and recorded expenses of $0.6 million related to prior period returns filed during the quarter.
During the quarter-ended June 30, 2013, we received income tax refunds from the IRS of $21.3 million. In addition to the refund payments, the Company received interest of $2.2 million, which was recorded in the consolidated condensed statement of operations as interest income.
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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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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