INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2011

INCOME TAXES

Schedule of components of earnings before income taxes

	Years Ended December 31,
(In millions)	2011		2010		2009
U.S.	$	153.7	$	108.4	$	134.0
Non-U.S.		568.2		525.9		453.0
	$	721.9	$	634.3	$	587.0

Summary of components of provision (benefit) for income taxes attributable to operations

	Years Ended December 31,
(In millions)	2011			2010			2009
Current:
U.S. federal	$	81.3		$	38.0		$	79.2
U.S. states		10.7			4.0			13.5
Non-U.S.		144.2			114.9			104.2
		236.2			156.9			196.9
Deferred:
U.S. federal		(5.2	)		21.8			(12.2	)
U.S. states		(4.4	)		(0.8	)		(0.9	)
Non-U.S.		(23.7	)		(1.8	)		(7.4	)
		(33.3	)		19.2			(20.5	)
	$	202.9		$	176.1		$	176.4

Schedule of effective income tax rate reconciliation

(Dollars in millions)	2011				2010				2009
U.S. statutory rate	$	252.6		35.0%	$	222.0		35.0%	$	205.4		35.0%
State and local taxes		3.7		0.5		1.5		0.2		8.9		1.5
Foreign income taxed at different rates		(42.1	)	(5.8)		(25.5	)	(4.0)		(49.9	)	(8.5)
Repatriation of foreign income		21.8		3.0		16.6		2.7		29.3		5.0
Tax rulings		(51.9	)	(7.2)		(42.1	)	(6.7)		(21.5	)	(3.7)
Other		18.8		2.6		3.6		0.6		4.2		0.8
Total provision / effective tax rate	$	202.9		28.1%	$	176.1		27.8%	$	176.4		30.1%

Summary of components of current and noncurrent deferred income tax assets (liabilities)

	December 31,
(In millions)	2011			2010
Deferred tax assets:
Accrued expenses	$	38.2		$	27.1
Accrued rebates and returns		43.9			43.9
Pension, post retirement and post employment liabilities		54.1			23.0
Stock-based compensation		16.3			8.6
Intercompany profit and other inventory items		39.6			24.6
Net operating loss carryforwards		14.2			4.6
Other—net		13.4			8.8
Valuation allowance		(7.0	)		(3.3	)
Total deferred tax assets		212.7			137.3
Deferred tax liabilities:
Depreciation and amortization		(64.5	)		(42.0	)
Un-repatriated earnings		(18.8	)		(26.6	)
Total deferred tax liabilities		(83.3	)		(68.6	)
Deferred tax assets—net	$	129.4		$	68.7
Recognized as:
Deferred income taxes—current—net	$	118.1		$	97.9
Deferred income taxes—noncurrent—net		11.3			(29.2	)
Total	$	129.4		$	68.7

Schedule of reconciliation of changes in uncertain tax positions

	Years Ended December 31,
(In millions)	2011			2010			2009
Balance at January 1:	$	13.6		$	12.8		$	11.7
Increases based on current year tax positions		14.6			0.1			4.0
Decreases based on current year tax positions		—			—			—
Increases based on prior year tax positions		1.7			1.1			2.7
Decreases based on prior year tax positions		(0.3	)		(0.3	)		—
Settlements		(0.1	)		(0.4	)		—
Cumulative translation adjustment		0.2			0.3			—
Adjustments to opening balances pursuant to BMS tax matters agreement		—			—			(5.6	)
Balance at December 31:	$	29.7		$	13.6		$	12.8