Income Taxes (Tables)

12 Months Ended

Dec. 31, 2011

Income Tax Disclosure [Abstract]

Taxes on income

For the Years Ended December 31,
(In millions of dollars)	2011		2010			2009
Income before income taxes:
U.S.	$	121	$	(296	)	$	(438	)
Other	1,283		1,065			990
	$	1,404	$	769		$	552
The expense (benefit) for income taxes is comprised of:
Income taxes:
Current–
U.S. Federal	$	7	$	(90	)	$	(308	)
Other national governments	289		249			264
U.S. state and local	24		21			15
	320		180			(29		)
Deferred–
U.S. Federal	5		(28		)	16
Other national governments	90		50			39
U.S. state and local	7		2			(5		)
	102		24			50
Total income taxes	$	422	$	204		$	21

Deferred income tax assets and liabilities

December 31,
(In millions of dollars)	2011		2010
Deferred tax assets:
Accrued expenses not currently deductible	$	559	$	524
Differences related to non-U.S. operations (a)	188		310
Accrued retirement & postretirement benefits—non-U.S. operations	164		45
Accrued retirement benefits U.S.	507		344
Net operating losses (b)	129		190
Income currently recognized for tax	62		57
Foreign tax credit carryforwards	169		129
Other	114		181
	$	1,892	$	1,780

Deferred tax liabilities:
Unrealized investment holding gains	$	3	$	6
Differences related to non-U.S. operations	99		174
Depreciation and amortization	233		203
Other	9		15
	$	344	$	398

(a) Net of valuation allowances of $3 million in 2011 and 2010.

(b) Net of valuation allowances of $46 million and $47 million in 2011 and 2010, respectively.

Deferred Income Tax Assets And Liabilities Classification By Balance Sheet

December 31,
(In millions of dollars)	2011			2010
Balance sheet classifications:
Current assets	$	376		$	177
Other assets	$	1,205		$	1,205
Current liabilities	$	(12	)	$	—
Other liabilities	$	(21	)	$	—

U.S. Federal statutory income tax rate

For the Years Ended December 31,	2011		2010		2009
	%		%		%
U.S. Federal statutory rate	35.0		35.0		35.0
U.S. state and local income taxes—net of U.S. Federal income tax benefit	1.6		1.9		1.3
Differences related to non-U.S. operations	(6.5	)	(9.5	)	(15.9	)
Change in Unrecognized Tax Benefits	(0.1	)	(0.2	)	(16.8	)
Other	0.1		(0.7	)	0.2
Effective tax rate	30.1		26.5		3.8

Unrecognized tax benefits

(In millions of dollars)	2011			2010			2009
Balance at January 1	$	199		$	206		$	293
Additions, based on tax positions related to current year	7			7			8
Additions for tax positions of prior years	39			10			28
Reductions for tax positions of prior years	(91		)	(6		)	(4		)
Reductions due to reclassification of tax indemnifications on sale of Kroll	—			(3		)	—
Settlements	(6		)	(4		)	(4		)
Lapses in statutes of limitation	(5		)	(11		)	(115		)
Balance at December 31	$	143		$	199		$	206