Income Taxes Income Taxes (Tables)

12 Months Ended

Dec. 31, 2011

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The components of income before income taxes, equity earnings and the impact of noncontrolling interests are listed below.

	Years ended December 31,
	2011		2010		2009
Domestic	$	428.4	$	216.2	$	141.9
Foreign	310.0		234.4		90.5
Total	$	738.4	$	450.6	$	232.4

Schedule of Components of Provision for Income Taxes

The provision for income taxes is listed below.

	Years ended December 31,
	2011			2010			2009
U.S. federal income taxes (including foreign withholding taxes):
Current	$	0.9		$	13.7		$	(48.4	)
Deferred	92.3			60.2			38.7
	93.2			73.9			(9.7		)
State and local income taxes:
Current	12.3			16.8			(6.1		)
Deferred	11.3			(0.1		)	40.1
	23.6			16.7			34.0
Foreign income taxes:
Current	93.1			84.8			55.4
Deferred	(19.7		)	(4.1		)	10.4
	73.4			80.7			65.8
Total	$	190.2		$	171.3		$	90.1

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the effective income tax rate before equity earnings and the impact of noncontrolling interests as reflected in the Consolidated Statements of Operations to the U.S. federal statutory income tax rate is listed below.

	Years ended December 31,
	2011			2010			2009
U.S. federal statutory income tax rate	35.0		%	35.0		%	35.0		%
Income tax provision at U.S. federal statutory rate	$	258.4		$	157.7		$	81.3
State and local income taxes, net of federal income tax benefit	15.3			10.8			22.1
Impact of foreign operations, including withholding taxes	(21.9		)	4.7			26.9
Change in net valuation allowance 1	(32.9		)	(2.4		)	12.4
Worthless securities deduction	(23.0		)	(2.5		)	(2.3		)
(Decreases) increases in unrecognized tax benefits, net	(2.7		)	8.9			(55.6		)
Stock based compensation	0.2			0.2			16.4
Other	(3.2		)	(6.1		)	(11.1		)
Provision for income taxes	$	190.2		$	171.3		$	90.1
Effective income tax rate on operations	25.8		%	38.0		%	38.8		%

¹  Reflects changes in valuation allowance that impacted the effective income tax rate for each year presented.

Schedule of Deferred Tax Assets and Liabilities

The components of deferred tax assets and liabilities are listed below.

	December 31,
	2011			2010
Postretirement/post-employment benefits	$	42.4		$	34.5
Deferred compensation	205.2			192.3
Pension costs	14.2			23.9
Basis differences in fixed assets	81.8			83.0
Rent	38.6			15.2
Interest	54.8			51.1
Accruals and reserves	55.6			42.0
Allowance for doubtful accounts	8.1			10.6
Basis differences in intangible assets	(330.1		)	(263.3		)
Investments in equity securities	30.8			5.3
Tax loss/tax credit carry forwards	478.1			621.5
Restructuring and other reorganization-related costs	2.0			2.7
Other	92.2			55.6
Total deferred tax assets, net	773.7			874.4
Valuation allowance	(489.9		)	(508.1		)
Net deferred tax assets	$	283.8		$	366.3

Summary of Valuation Allowance

The change in the valuation allowance is listed below.

	Years ended December 31,
	2011			2010			2009
Balance at beginning of period	$	508.1		$	425.5		$	379.5
(Reversed) charged to costs and expenses	(25.1		)	92.3			24.7
Charged (reversed) to gross tax assets and other accounts	6.9			(9.7		)	21.3
Balance at end of period	$	489.9		$	508.1		$	425.5

Schedule of Unrecognized Tax Benefits Activity

The table below summarizes the activity related to our unrecognized tax benefits.

	December 31,
	2011			2010			2009
Balance at beginning of period	$	146.7		$	160.5		$	174.9
Increases as a result of tax positions taken during a prior year	5.3			4.6			7.8
Decreases as a result of tax positions taken during a prior year	(18.1		)	(28.1		)	(50.9		)
Settlements with taxing authorities	(5.0		)	(10.2		)	0.0
Lapse of statutes of limitation	(0.2		)	(0.6		)	(5.0		)
Increases as a result of tax positions taken during the current year	32.3			20.5			33.7
Balance at end of period	$	161.0		$	146.7		$	160.5