Income Taxes

9 Months Ended

Sep. 30, 2012

Income Taxes

17. Income Taxes

The Company’s unrecognized tax benefits at September 30, 2012 and December 31, 2011 were as follows:

Balance at December 31, 2011	$	76.4
Additions for tax positions of the current year		9.5
Additions for tax positions of the prior year		0.5
Reductions for tax positions of prior years		(25.3	)
Settlements during the year		(5.4	)
Lapses of applicable statutes of limitations		(0.3	)
Balance at September 30, 2012	$	55.4

During the nine months ended September 30, 2012, the Company recognized $25.3 million of previously unrecognized tax benefits, substantially all of which was due to the resolution of certain U.S. federal uncertain tax positions. As of September 30, 2012, it is reasonably possible that the total amount of unrecognized tax benefits will decrease within twelve months by as much as $22.5 million due to the resolution of audits or expirations of statutes of limitations related to U.S. federal, state and international tax positions.

Deferred income taxes are not provided on the excess of the investment value for financial reporting over the tax basis of investments in those foreign subsidiaries for which such excess is considered to be permanently reinvested in those operations. The Company has recognized deferred tax liabilities of $8.6 million and $3.0 million as of September 30, 2012 and December 31, 2011, respectively, related to local withholding taxes on certain foreign earnings which are not considered to be permanently reinvested.