XML 134 R38.htm IDEA: XBRL DOCUMENT

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2011

Schedule of Income before Income Tax, Domestic and Foreign

For financial reporting purposes, income before income taxes includes the following components (in millions):



	Year Ended
	Dec 31, 2011		Dec 31, 2010		Dec 31, 2009
United States	$	51.2	$	32.1	$	(34.3	)
Foreign	73.6		90.6		130.6
Total	$	124.8	$	122.7	$	96.3

Schedule of Components of Income Tax Expense (Benefit)

The provision (benefit) for income taxes consisted of the following (in millions):



	Year Ended
	Dec 31, 2011			Dec 31, 2010			Dec 31, 2009
Current tax expense:
Federal	$	(8.6	)	$	(32.7	)	$	(0.3	)
State	(0.4		)	(2.1		)	1.2
Foreign	42.8			60.4			87.4
Deferred tax expense (benefit):
Federal	19.3			24.1			(16.7		)
State	1.7			0.3			(1.1		)
Foreign	(12.3		)	(2.8		)	(37.8		)
Total	$	42.5		$	47.2		$	32.7

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation of reported income tax expense (benefit) to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income is as follows (in millions):



	Year Ended
	Dec 31, 2011			Dec 31, 2010			Dec 31, 2009
Income tax expense (benefit) at Federal statutory tax rate	$	43.7		$	42.9		$	33.7
Foreign tax rate differential	(0.4		)	(4.1		)	(3.9		)
Foreign withholding taxes	3.4			4.9			3.4
Change in valuation allowance	4.7			9.9			7.4
Change in uncertain tax positions	(4.8		)	(11.4		)	12.7
Nondeductible / nontaxable items	(4.8		)	2.4			(12.7		)
Other (net)	0.7			2.6			(7.9		)
Total	$	42.5		$	47.2		$	32.7

Schedule of Deferred Tax Assets and Liabilities

The components of deferred tax assets and liabilities were as follows (in millions):



	Dec 31, 2011			Dec 31, 2010
Deferred tax assets:
Net operating loss carryforwards	$	53.0		$	41.3
Pension and retiree benefits accruals	34.2			25.3
Inventory	15.8			17.6
Depreciation and fixed assets	6.7			7.9
Tax credit carryforwards	6.9			9.3
Other liabilities	52.8			43.6
Valuation allowance	(37.1		)	(36.1		)
Total deferred tax assets	132.3			108.9
Deferred tax liabilities:
Convertible debt discount	131.2			116.6
Inventory	1.9			5.1
Depreciation and fixed assets	83.4			78.8
Intangibles	44.0			55.5
Other	18.8			11.3
Total deferred tax liabilities	279.3			267.3
Net deferred tax assets (liabilities)	$	(147.0	)	$	(158.4	)

Summary of Income Tax Examinations

The Company has recognized deferred tax assets of approximately $22.2 million for tax loss carryforwards in various taxing jurisdictions as follows (in millions):



	Tax Loss
Jurisdiction	Carryforward		Expiration
Spain	$	46.9	2025 - 2026
Brazil	11.5		Indefinite
New Zealand	9.0		Indefinite
Others	7.4		Various
Total	$	74.8

Summary of Income Tax Contingencies

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits for the year:



(in millions)	Dec 31, 2011			Dec 31, 2010			Dec 31, 2009
Unrecognized Tax Benefit — Beginning balance	$	63.1		$	76.5		$	61.7
Gross Increases — Tax Positions in Prior Period	2.1			4.7			0.5
Gross Decreases — Tax Positions in Prior Period	(4.9		)	(10.3		)	(0.3		)
Gross Increases — Tax Positions in Current Period	8.0			14.2			11.8
Gross Increases — Business Combinations	—			—			3.0
Settlements	(0.3		)	—			(0.4		)
Lapse of Statute of Limitations	(11.4		)	(22.9		)	(1.8		)
Foreign Currency Translation	(0.8		)	0.9			2.0
Unrecognized Tax Benefit — Ending Balance	$	55.8		$	63.1		$	76.5

- Definition

Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

+ References+ Details

- Definition

Tabular disclosure of income tax examinations that an enterprise is currently subject to or that have been completed in the current period typically including a description of the examination, the jurisdiction conducting the examination, the tax year(s) under examination, the likelihood of an unfavorable settlement, the range of possible losses, the liability recorded, the increase or decrease in the liability from the prior period, and any penalties and interest that have been recorded.

+ References+ Details