Income taxes

9 Months Ended

Sep. 30, 2011

Income Tax Disclosure [Abstract]

Income taxes

		Three Months				Nine Months
		Ended September 30,				Ended September 30,
		2011		2010		2011		2010
Continuing operations
Provision for income taxes (in millions)	$	20.9		15.5		37.9		46.1
Effective tax rate		36.5	%	38.3	%	34.9	%	49.5	%

2011 Compared to U.S. Statutory Rate

The effective income tax rate on continuing operations in the first nine months of 2011was slightly lower than the 35% U.S. statutory tax rate largely due to a $4.4 million benefit for the release of a U.S. valuation allowance and $1.6 million in benefits for recently enacted legislation in various jurisdictions, tax claims and audit settlements. These benefits were mostly offset by higher taxes due to the geographical mix of earnings and the characterization of a French business tax as an income tax.

2010 Compared to U.S. Statutory Rate

The effective income tax rate on continuing operations in the first nine months of 2010 was higher than the 35% U.S. statutory tax rate largely due to a $13.9 million reduction in deferred tax assets as a result of recently enacted U.S. healthcare legislation, and $6.2 million in higher taxes related to non-U.S. tax jurisdictions, partially offset by a $7.9 million non-cash income tax benefit related to a tax settlement. The non-U.S. taxes were higher than 35% primarily due to the designation of Venezuela as highly inflationary for accounting purposes, the geographical mix of earnings, and the characterization of a French business tax as an income tax based upon legislative changes effective January 1, 2010.

2011 Compared to U.S. Statutory Rate

The effective income tax rate on continuing operations in the first nine months of 2011was slightly lower than the 35% U.S. statutory tax rate largely due to a $4.4 million benefit for the release of a U.S. valuation allowance and $1.6 million in benefits for recently enacted legislation in various jurisdictions, tax claims and audit settlements. These benefits were mostly offset by higher taxes due to the geographical mix of earnings and the characterization of a French business tax as an income tax.

2010 Compared to U.S. Statutory Rate

The effective income tax rate on continuing operations in the first nine months of 2010 was higher than the 35% U.S. statutory tax rate largely due to a $13.9 million reduction in deferred tax assets as a result of recently enacted U.S. healthcare legislation, and $6.2 million in higher taxes related to non-U.S. tax jurisdictions, partially offset by a $7.9 million non-cash income tax benefit related to a tax settlement. The non-U.S. taxes were higher than 35% primarily due to the designation of Venezuela as highly inflationary for accounting purposes, the geographical mix of earnings, and the characterization of a French business tax as an income tax based upon legislative changes effective January 1, 2010.