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Income Taxes
 6 Months Ended
Jun. 30, 2012
Income taxes [Abstract]  
Income taxes

Note 8 – Income taxes:

 

                 
    Six months ended
June 30,		  
    2011     2012  
    (In millions)  

Expected tax expense, at U.S. Federal statutory income tax rate of 35%

   $ 80.0     $ 106.4  

Non-U.S. tax rates

     (7.5 )      (11.7 ) 

Incremental tax on earnings of non-U.S. companies

     4.7       5.7  

U.S. state income taxes, net

     .7       1.7  

Other, net

     1.4       .6  
   

 

 

    

 

 

  
     

Total

   $ 79.3     $ 102.7  
   

 

 

    

 

 

  

Tax authorities are examining certain of our non-U.S. tax returns and have or may propose tax deficiencies, including interest and penalties. Because of the inherent uncertainties involved in settlement initiatives and court and tax proceedings, we cannot guarantee that these matters will be resolved in our favor, and therefore our potential exposure, if any, is also uncertain. In 2011 and 2012, we received notices of re-assessment from the Canadian federal and provincial tax authorities related to the years 2002 through 2004. We object to the re-assessments and believe the position is without merit. Accordingly, we are appealing the re-assessments and in connection with such appeal we were required to post letters of credit aggregating Cdn. $7.3 million (see Note 7). If the full amount of the proposed adjustment were ultimately to be assessed against us, the cash tax liability would be approximately $15.2 million. We believe we have adequate accruals for additional taxes and related interest expense which could ultimately result from tax examinations. We believe the ultimate disposition of tax examinations should not have a material adverse effect on our consolidated financial position, results of operations or liquidity. We currently estimate that our unrecognized tax benefits will not change materially during the next twelve months.