Income Taxes	9 Months Ended
Sep. 30, 2011
Income Taxes
Income Taxes	NOTE 12: INCOME TAXES For the three months ended September 30, 2011, the Company recorded income tax expense from operations of $3.5 million compared to $5.1 million in the prior year. The $3.5 million tax expense in the third quarter of 2011 primarily represents a deferred tax charge related to changes in the tax LIFO inventory reserve plus foreign and US state income tax expense. The $5.1 million tax expense in the third quarter of 2010 primarily related to adjustments to deferred tax balances to reflect the filing of the Company's 2009 federal income tax return and to foreign income tax expense. The valuation allowance was adjusted to increase the allowance for changes in our deferred tax assets. For the nine months ended September 30, 2011, the Company recorded income tax expense of $10.0 million compared to income tax expense of $11.4 million in the prior year. The $10.0 million tax expense in the first nine months of 2011 primarily represents a deferred tax charge related to changes in the tax LIFO inventory reserve plus foreign and US state income tax expense less a release of valuation allowance due to the recognition of deferred tax liabilities related to the acquisition of Singer during the period. The $11.4 million income tax expense in the first nine months of 2010 primarily related to adjustments to deferred tax balances to reflect the filing of the Company's 2009 federal income tax return and to foreign income tax expense. In accordance with ASC 740, the Company assesses, on a quarterly basis, the realizability of its deferred tax assets. A valuation allowance must be established when, based upon the evaluation of all available evidence, it is more-likely-than-not that all or a portion of the deferred tax assets will not be realized. In making this determination, we analyze, among other things, our recent history of earnings, cash flows and the nature and timing of future deductions and benefits represented by the deferred tax assets. As a result of U.S. pre-tax losses incurred in periods leading up to the second quarter of 2009, we were unable to rely on the positive evidence of projected future income to support all deferred tax assets. After considering both the positive and negative evidence available at the end of the second quarter of fiscal year 2009, the Company determined that it was more-likely-than-not that it would not realize the full value of a portion of its U.S. deferred tax assets. As a result, during the second quarter of 2009, the Company established a valuation allowance against its deferred tax assets in the U.S. to reduce them to the amount that is more-likely-than-not to be realized. The valuation allowance is reviewed quarterly and will be maintained until sufficient positive evidence exists to support the reversal of some or all of the valuation allowance. The valuation allowance was $120.0 million and $124.8 million at September 30, 2011 and December 31, 2010, respectively.

Income Taxes

9 Months Ended

Sep. 30, 2011

NOTE 12: INCOME TAXES

For the three months ended September 30, 2011, the Company recorded income tax expense from operations of $3.5 million compared to $5.1 million in the prior year. The $3.5 million tax expense in the third quarter of 2011 primarily represents a deferred tax charge related to changes in the tax LIFO inventory reserve plus foreign and US state income tax expense. The $5.1 million tax expense in the third quarter of 2010 primarily related to adjustments to deferred tax balances to reflect the filing of the Company's 2009 federal income tax return and to foreign income tax expense. The valuation allowance was adjusted to increase the allowance for changes in our deferred tax assets.

For the nine months ended September 30, 2011, the Company recorded income tax expense of $10.0 million compared to income tax expense of $11.4 million in the prior year. The $10.0 million tax expense in the first nine months of 2011 primarily represents a deferred tax charge related to changes in the tax LIFO inventory reserve plus foreign and US state income tax expense less a release of valuation allowance due to the recognition of deferred tax liabilities related to the acquisition of Singer during the period. The $11.4 million income tax expense in the first nine months of 2010 primarily related to adjustments to deferred tax balances to reflect the filing of the Company's 2009 federal income tax return and to foreign income tax expense.

In accordance with ASC 740, the Company assesses, on a quarterly basis, the realizability of its deferred tax assets. A valuation allowance must be established when, based upon the evaluation of all available evidence, it is more-likely-than-not that all or a portion of the deferred tax assets will not be realized. In making this determination, we analyze, among other things, our recent history of earnings, cash flows and the nature and timing of future deductions and benefits represented by the deferred tax assets. As a result of U.S. pre-tax losses incurred in periods leading up to the second quarter of 2009, we were unable to rely on the positive evidence of projected future income to support all deferred tax assets. After considering both the positive and negative evidence available at the end of the second quarter of fiscal year 2009, the Company determined that it was more-likely-than-not that it would not realize the full value of a portion of its U.S. deferred tax assets. As a result, during the second quarter of 2009, the Company established a valuation allowance against its deferred tax assets in the U.S. to reduce them to the amount that is more-likely-than-not to be realized. The valuation allowance is reviewed quarterly and will be maintained until sufficient positive evidence exists to support the reversal of some or all of the valuation allowance. The valuation allowance was $120.0 million and $124.8 million at September 30, 2011 and December 31, 2010, respectively.