Income Taxes (Tables)

12 Months Ended

Dec. 31, 2011

Income Taxes [Abstract]

Components of earnings before income tax provision

	2011			2010		2009
Domestic	$	(73.6	)	$	84.0	$	127.3
Foreign		289.7			259.4		202.6
Total	$	216.1		$	343.4	$	329.9

Components of income tax provision

	2011			2010			2009
Current tax expense:
Federal	$	37.0		$	22.1		$	35.8
State and local		5.9			5.6			7.1
Foreign		79.7			63.1			59.3
Total current		122.6			90.8			102.2
Deferred tax (benefit), expense:
Federal		(54.4	)		2.1			(4.6	)
State and local		(5.3	)		(2.1	)		(0.5	)
Foreign		4.1			(3.3	)		(11.5	)
Total deferred tax benefit		(55.6	)		(3.3	)		(16.6	)
Total provision	$	67.0		$	87.5		$	85.6

Components of deferred tax assets (liabilities)

	December 31,
	2011			2010
Settlement agreement and related accrued interest(1)	$	383.8		$	367.9
Restructuring reserves		10.8			—
Accruals not yet deductible for tax purposes		72.5			17.0
Net operating loss carry forwards		124.5			33.9
Foreign, federal and state credits and investment tax allowances		130.2			9.2
Employee benefit items		145.0			57.2
Other		1.0			4.2
Gross deferred tax assets		867.8			489.4
Valuation allowance		(219.1	)		(43.1	)
Total deferred tax assets		648.7			446.3
Depreciation and amortization		(73.4	)		(48.2	)
Unremitted foreign earnings		(149.8	)		(47.1	)
Inventories		—			(4.7	)
Intangibles		(599.0	)		(20.2	)
Other		(14.9	)		(13.3	)
Total deferred tax liabilities		(837.1	)		(133.5	)
Net deferred tax (liabilities) assets	$	(188.4	)	$	312.8

(1) This deferred tax asset reflects the cash portion of the Settlement agreement and related accrued interest and the fair market value of 18 million shares of our common stock at a post-split price of $17.86 per share based on the price when the Settlement agreement was reached in 2002. However, the value of this deferred tax asset will depend on the price of our common stock at the time it is issued under the Settlement agreement. See Note 17, “Commitments and Contingencies,” for further discussion.

Federal statutory corporate tax rate reconciles to effective income tax rate

	2011		2010		2009
Statutory U.S. federal tax rate		35.0%		35.0%		35.0%
State income taxes, net of federal tax benefit		0.3		0.6		1.5
Foreign earnings taxed at lower effective rates		(6.3)		(9.2)		(8.7)
Nondeductible acquisition costs		2.5		—		—
U.S. domestic manufacturing deduction		(2.4)		(1.1)		(1.0)
Net change in unrecognized tax benefits		0.4		—		1.7
Other		1.5		0.2		(2.6)
Effective income tax rate		31.0%		25.5%		25.9%

Unrecognized tax benefits and the effect on effective income tax rate

	Gross			Net
Unrecognized tax benefits at January 1, 2011	$	72.5		$	64.7
Additions relating to the acquisition of Diversey (included in other liabilities)		182.7			182.7
Additions for tax positions of prior years		2.7			2.7
Reductions for tax positions of prior years		(3.4	)		(3.4	)
Unrecognized tax benefits at December 31, 2011	$	254.5		$	246.7