Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2012

Significant Accounting Policies [Abstract]

Special Items

Special Items — We recognize expenses resulting directly from our business combinations, employee termination benefits, certain contract terminations, consulting and professional fees and asset impairment charges connected with global restructuring, quality excellence and transformation initiatives, and other items as “Special items” in our condensed consolidated statement of earnings. “Special items” included (in millions):

	Three Months Ended March  31,
	2012			2011
Impairment/loss on disposal of assets	$	0.4		$	2.5
Consulting and professional fees		18.3			3.5
Employee severance and retention		3.4			16.2
Dedicated project personnel		3.3			0.3
Distributor acquisitions		0.1			0.6
Certain litigation matters		6.4			0.1
Contract terminations		1.5			1.0
Contingent consideration adjustments		(0.8	)		—
Other		0.9			1.3
Special items	$	33.5		$	25.5

In the first quarter of 2012, we announced our plans to outsource our Warsaw, Indiana distribution center to a third party service provider at a national transportation hub, among other organizational changes. Approximately 140 employees were or will be affected by these actions.

In the first quarter of 2011, we terminated employees as part of a reduction of management layers, expansion of management spans of control, and changes in our organizational structure. Approximately 450 employees from across the globe were affected by these actions.

As a result of these actions, we incurred expenses related to severance benefits, share-based compensation acceleration and other employee termination-related costs. The vast majority of these termination benefits were provided in accordance with our existing policies or local government regulations and are considered ongoing benefits. These costs were accrued when they became probable and estimable and were recorded as part of other current liabilities. The majority of these costs have been paid or will be paid in the year they were accrued.

Recent Accounting Pronouncements

Recent Accounting Pronouncements — In 2011 the Financial Accounting Standards Board issued an accounting standard update (ASU) requiring companies to present net income and other comprehensive income in either a single continuous statement or in two separate, but consecutive, statements of net income and other comprehensive income. The ASU also required that the reclassifications adjustments from accumulated other comprehensive income to net income be presented on the statement of earnings by line item, but this provision of the ASU has been delayed indefinitely. The requirement regarding presentation of net income and other comprehensive income in a single or two separate, but consecutive, statements became effective for us this quarter. The ASU changes the presentation requirements of other comprehensive income only and does not change any accounting for other comprehensive income and therefore had no effect on our financial position, results of operations or cash flows.

There are no other recently issued accounting pronouncements that we have not yet adopted that are expected to have a material effect on our financial position, results of operations or cash flows.