v2.4.0.6

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2011

Valuation Allowance [Line Items]

Components of the provision for income taxes

The components of the provision for income taxes for the years ended December 31, are as follows:

		2011				2010				2009
Current:
Federal		$	201.7			$	253.9			$	337.3
State			38.6				50.2				49.1
Federal and state deferred provision (benefit)			334.8				61.4				(24.6	)
Uncertain tax positions and interest			(257.7	)			4.0				6.7
Provision for income taxes		$	317.4			$	369.5			$	368.5

Reconciliations of the statutory federal income tax rate to our effective tax rate

The reconciliations of the statutory federal income tax rate to our effective tax rate for the years ended December 31, are as follows:

		2011				2010				2009
Federal statutory rate			35.0	%			35.0	%			35.0	%
State income taxes, net of federal benefit			3.2				5.4				3.4
Non-deductible expenses			1.6				2.1				2.6
Uncertain tax position taxes and interest			(2.5	)			0.3				0.8
Other, net			(2.3	)			(0.7	)			0.8
Effective income tax rate			35.0	%			42.1	%			42.6	%

Components of the net deferred income tax asset and liability

The components of the net deferred income tax asset and liability at December 31, 2011 and 2010 are as follows:

		2011				2010
Deferred tax liabilities relating to:
Differences between book and tax basis of property		$	(913.7	)		$	(721.7	)
Difference between book and tax basis of intangible assets			(692.1	)			(702.0	)
Basis difference due to redemption of partnership interests			(128.2	)			-
Total liabilities		$	(1,734.0	)		$	(1,423.7	)
Deferred tax assets relating to:
Environmental reserves		$	331.3			$	346.3
Accruals not currently deductible			310.3				312.8
Net operating loss carryforwards, state taxes			126.3				127.5
Difference between book and tax basis of other assets			93.3				68.1
Deferred taxes on uncertain tax positions			28.9				76.1
Other			2.0				2.3
Total assets			892.1				933.1
Valuation allowance			(118.1	)			(120.1	)
Net deferred tax asset			774.0				813.0
Net deferred tax liabilities		$	(960.0	)		$	(610.7	)

Summarization of activity in our gross unrecognized tax benefits

The following table summarizes the activity in our gross unrecognized tax benefits for the years ended December 31:

		2011				2010				2009
Balance at beginning of year		$	222.8			$	242.2			$	611.9
Additions due to the acquisition of Allied			-				-				13.3
Additions based on tax positions related to current year			-				2.8				3.9
Additions for tax positions of prior years			0.6				7.5				5.6
Reductions for tax positions of prior years			(162.2	)			(7.4	)			(24.1	)
Reductions for tax positions resulting from lapse of statute of limitations			-				(10.4	)			(0.5	)
Settlements			(6.9	)			(11.9	)			(367.9	)
Balance at end of year		$	54.3			$	222.8			$	242.2

Valuation allowance of deferred tax assets [Member]

Valuation Allowance [Line Items]

Changes in the deferred tax valuation allowance

Changes in the deferred tax valuation allowance for the years ended December 31, 2011, 2010 and 2009 are as follows:

		2011				2010				2009
Valuation allowance, beginning of year		$	120.1			$	126.5			$	156.4
Additions charged to income			2.1				8.3				5.2
Acquisitions			-				-				(2.5	)
Usage			(4.3	)			(10.4	)			(9.3	)
Expirations of state net operating losses			(0.3	)			(0.3	)			(17.8	)
Other, net			0.5				(4.0	)			(5.5	)
Valuation allowance, end of year		$	118.1			$	120.1			$	126.5

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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