Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

The provision (benefit) for income taxes from continuing operations for the years ended December 31, 2013, 2012 and 2011 (in millions):


	2013			2012		2011
Current
Federal	$	—		$	—	$	—
State		0.6			0.6		0.4
Foreign		0.2			0.3		0.6

		0.8			0.9		1.0

Deferred
Federal		(121.6	)		4.8		4.4
State		(13.3	)		0.4		0.4

		(134.9	)		5.2		4.8

Total provision for taxes	$	(134.1	)	$	6.1	$	5.8

Schedule of Effective Income Tax Rate

The income tax provision (benefit) differs from the amount of income tax determined by applying the Company’s federal corporate income tax rate of 34% to pre-tax income for the years ended December 31, 2013, 2012 and 2011 due to the following (in millions):


	2013			2012			2011
Computed “expected” tax provision (benefit)	$	(0.1	)	$	6.7		$	(0.8	)
Change in income tax resulting from:
State taxes, net of federal benefit		(8.4	)		1.2			0.4
Foreign taxes		0.2			0.3			0.6
Change in valuation allowance		(126.0	)		(2.2	)		5.6
Other		0.2			0.1			—

	$	(134.1	)	$	6.1		$	5.8

Components of Deferred Tax Assets and Liabilities

The components of the deferred tax assets and liabilities at December 31, 2013, 2012 and 2011 consist of the following (in millions):


	2013			2012
Deferred tax assets:
Accrued expenses	$	3.5		$	2.8
Accounts receivable		2.4			2.8
Net operating loss carryforward		125.5			110.5
Stock-based compensation		5.2			4.4
Capital loss in investment in a domestic subsidiary		—			10.2
Intangible assets		16.9			25.8
Credits		1.0			0.8
Other		0.9			3.5

		155.4			160.8
Valuation allowance		(1.4	)		(145.5	)

Net deferred tax assets	$	154.0		$	15.3

Deferred tax liabilities:
Non-long lived intangible assets	$	(4.9	)	$	(4.3	)
Long-lived Intangible assets		(55.4	)		(48.3	)
Property and equipment		(1.2	)		(2.0	)
Deferred state taxes		(2.5	)		(5.5	)

		(64.0	)		(60.1	)

	$	90.0		$	(44.8	)

Unrecognized Tax Benefits

The following table summarizes the activity related to the Company’s unrecognized tax benefits (in millions):


	Amount
Balance at December 31, 2011	$	6.4
Change in balances related to tax positions		—

Balance at December 31, 2012	$	6.4
Change in balances related to tax positions		—

Balance at December 31, 2013	$	6.4