Taxes on Income (Tables)

12 Months Ended

Dec. 31, 2012

Schedule of Income before Income Tax, Domestic and Foreign

The components of income (loss) before income taxes for the periods were as follows (in millions of dollars):



	Years ended December 31,
	2012		2011		2010
Domestic	$	355.3	$	186.3	$	(128.1	)
Foreign	95.2		138.0		113.5
Total	$	450.5	$	324.3	$	(14.6	)

Schedule of Components of Income Tax Expense (Benefit)

The total provision (benefit) for taxes on income consists of the following (in millions of dollars):



	Years ended December 31,
	2012			2011			2010
Current:
Federal	$	8.6		$	0.6		$	0.1
Foreign	32.2			30.6			41.5
State and local	39.1			28.5			1.5
Total current	79.9			59.7			43.1
Deferred:
Federal	134.8			76.2			(25.0		)
Foreign	11.9			(3.2		)	1.3
State and local	(19.1		)	(4.2		)	(2.7		)
Total deferred	127.6			68.8			(26.4		)
Total provision (benefit)	$	207.5		$	128.5		$	16.7

Schedule of Deferred Tax Assets and Liabilities

The principal items of the U.S. and foreign net deferred tax assets and liabilities at December 31, 2012 and 2011 are as follows (in millions of dollars):



	2012			2011
Deferred Tax Assets:
Employee benefit plans	$	103.6		$	102.8
Net operating loss carryforwards	1,610.9			1,743.5
Foreign tax credit carryforwards	20.8			20.8
Federal, state and foreign local tax credit carryforwards	26.8			15.0
Accrued and prepaid expenses	323.1			300.8
Total Deferred Tax Assets	2,085.2			2,182.9
Less: Valuation Allowance	(226.4		)	(186.7		)
Total Net Deferred Tax Assets	1,858.8			1,996.2
Deferred Tax Liabilities:
Depreciation on tangible assets	(3,081.4		)	(2,742.3		)
Intangible assets	(1,477.1		)	(942.4		)
Total Deferred Tax Liabilities	(4,558.5		)	(3,684.7		)
Net Deferred Tax Liability	(2,699.7		)	(1,688.5		)

Schedule of Effective Income Tax Rate Reconciliation

The significant items in the reconciliation of the statutory and effective income tax rates consisted of the following:



	Years ended December 31,
	2012		2011		2010
Statutory Federal Tax Rate	35.0	%	35.0	%	35.0	%
Foreign tax differential	(3.5	)	(3.8	)	70.9
State and local income taxes, net of federal income tax benefit	3.1		3.9		13.1
Change in state statutory rates, net of federal income tax benefit	(1.1	)	0.7		(11.2	)
Federal and foreign permanent differences	2.5		(1.4	)	52.9
Withholding taxes	1.9		2.3		(58.0	)
Uncertain tax positions	(0.7	)	(1.0	)	(24.8	)
Change in valuation allowance	8.8		0.7		(187.7	)
All other items, net	—		3.2		(4.0	)
Effective Tax Rate	46.0	%	39.6	%	(113.8	)%

Schedule of Unrecognized Tax Benefits Roll Forward

As of December 31, 2012, total unrecognized tax benefits were $17.2 million, all of which, if recognized, would favorably impact the effective tax rate in future periods. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions of dollars):



	2012			2011			2010
Balance at January 1	$	21.6		$	27.2		$	25.6
Increase (decrease) attributable to tax positions taken during prior periods	(6.8		)	(9.5		)	0.3
Increase attributable to tax positions taken during the current year	2.4			3.9			1.3
Decrease attributable to settlements with taxing authorities	—			—			—
Balance at December 31	$	17.2		$	21.6		$	27.2