v2.4.0.6

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2011

Income Taxes

Components of income from operations before income tax

		Year Ended December 31,
(US$ in millions)		2011			2010			2009
United States		$	71		$	42		$	184
Non-United States			869			3,008			(39	)
Total		$	940		$	3,050		$	145

Components of income tax (expense) benefit

		Year Ended December 31,
(US$ in millions)		2011			2010			2009
Current:
United States		$	(7	)	$	(33	)	$	(58	)
Non-United States			(236	)		(499	)		(39	)
			(243	)		(532	)		(97	)
Deferred:
United States			(29	)		(12	)		(13	)
Non-United States			246			(148	)		217
			217			(160	)		204
Non-current:
United States			(5	)		(1	)		(2	)
Non-United States			(13	)		4			5
			(18	)		3			3
Total		$	(44	)	$	(689	)	$	110

Reconciliation of income tax benefit (expense)

		Year Ended December 31,
(US$ in millions)		2011			2010			2009
Income from operations before income tax		$	940		$	3,050		$	145
Income tax rate			35	%		35	%		35	%
Income tax expense at the U.S. Federal tax rate			(329	)		(1,068	)		(51	)
Adjustments to derive effective tax rate:
Foreign earnings taxed at different statutory rates			258			515			163
Changes in valuation allowances			7			(129	)		(17	)
Goodwill amortization			43			44			31
Fiscal incentives (1)			46			27			22
Foreign exchange on monetary items			1			(9	)		(11	)
Non-deductible expenses			(3	)		(68	)		(35	)
Uncertain tax positions			(18	)		3			3
Other			(49	)		(4	)		5
Income tax benefit (expense)		$	(44	)	$	(689	)	$	110

⁽¹⁾

Fiscal incentives predominantly relate to investment incentives in Brazil that are exempt from Brazilian income tax.

Components of deferred tax assets and liabilities and related valuation allowances

		December 31,
(US$ in millions)		2011			2010
Deferred income tax assets:
Net operating loss carryforwards		$	1,020		$	1,098
Excess of tax basis over financial statement basis of property, plant and equipment and other long-lived assets			69			34
Accrued retirement costs (pension and postretirement healthcare cost) and other accrued employee compensation			61			115
Tax credit carryforwards			8			12
Inventories			4			—
Other accruals and reserves not currently deductible for tax purposes			541			625
Total deferred income tax assets			1,703			1,884
Less valuation allowances			(187	)		(245	)
Deferred tax income assets, net of valuation allowance			1,516			1,639
Deferred income tax liabilities:
Excess of tax basis over financial statement basis of property, plant and equipment and other long-lived assets			137			179
Undistributed earnings of affiliates not considered permanently reinvested			20			30
Inventories			68			11
Other temporary differences			61			332
Total deferred income tax liabilities			286			552
Net deferred income tax assets		$	1,230		$	1,087

Reconciliation of beginning and ending amount of unrecognized tax benefits

(US$ in millions)		2011			2010			2009
Balance at January 1,		$	102		$	111		$	138
Additions based on tax positions related to the current year			13			1			1
Additions based on tax positions related to prior years			17			7			42
Reductions for tax positions of prior years			—			—			—
Settlement or clarification from tax authorities			(7	)		(2	)		(81	)
Expiration of statute of limitations			(3	)		(7	)		(3	)
Sale of Brazilian fertilizer nutrients assets			—			(6	)		—
Foreign currency translation			(6	)		(2	)		14
Balance at December 31,		$	116		$	102		$	111

Tax years subject to income tax examination by tax authorities

		Open Tax Years
North America		1996-2011
South America		2005-2011
Europe		2005-2011
Asia		2002-2011

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