INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2011

INCOME TAXES [Abstract]

Summary of the provision (benefit) for income taxes

        The following summarizes the provision for income taxes:

Year Ended December 31,		2011			2010			2009
(In millions)
Current:
Federal	$	(4.9	)	$	16.5		$	(5.2	)
State and local		0.6			2.2			4.9
Foreign		6.0			7.5			5.8
		1.7			26.2			5.5
Deferred:
Federal		26.7			6.3			13.0
State and local		0.6			(0.7	)		1.0
Foreign		(9.4	)		(1.1	)		(3.3	)
		17.9			4.5			10.7
Provision (benefit) for income taxes	$	19.6		$	30.7		$	16.2

Domestic and foreign components of income (loss) before provision (benefit) for income taxes

        The domestic and foreign components of income (loss) before provision for income taxes are as follows:

Year Ended December 31,		2011			2010			2009
(In millions)
Income (loss) before provision for income taxes
United States	$	72.7		$	91.8		$	(54.1	)
Foreign		(1.6	)		(6.7	)		(16.0	)
	$	71.1		$	85.1		$	(70.1	)

Provision (benefit) for income taxes reconciliation

        The provision for income taxes on adjusted historical income differs from the amounts computed by applying the applicable Federal statutory rates due to the following:

Year Ended December 31,		2011			2010			2009
(In millions)
Provision (benefit) for Federal income taxes at the statutory rate	$	24.9		$	29.8		$	(24.5	)
State and local income taxes, net of federal benefit		0.9			0.9			3.9
Foreign income tax difference		(8.9	)		(2.2	)		(2.1	)
Nondeductible goodwill impairment		-			-			41.3
Change in deferred balance - fixed assets		-			-			(2.3	)
Other items, net		2.7			2.2			(0.1	)
Provision for income taxes	$	19.6		$	30.7		$	16.2

Summary of significant components of deferred tax assets and liabilities

        The following is a summary of the significant components of our deferred tax assets and liabilities:

December 31,		2011			2010
(In millions)
Deferred tax assets (liabilities):
Nondeductible accruals and allowances	$	52.9		$	54.6
Depreciation		8.9			13.2
Intangible asset valuation and amortization		(157.6	)		(97.4	)
Loss and credit carryforwards		39.0			42.1
Amortization of stock-based compensation		14.1			14.1
Deferred compensation		2.4			3.0
Inventory valuation		(8.3	)		(8.6	)
Pension		11.1			7.3
Gain on sale-leaseback transaction		1.9			2.2
Prepaid expenses		(2.7	)		(2.5	)
Display costs		(4.0	)		(3.6	)
Contingent payment liability		5.9			7.0
Other (net)		0.4			1.6
Partnership differences		(4.6	)		(1.1	)
Unrealized translation loss		1.9			-
Fair value adjustment on interest rate swap		1.8			0.9
Inventory overhead		(2.0	)		0.7
Valuation allowances		(8.1	)		(5.8	)
Net deferred tax (liability) asset	$	(47.0	)	$	27.7
Included in:
Current assets	$	26.4		$	28.0
Noncurrent liabilities		(73.4	)		(0.3	)
Net deferred tax (liability) asset	$	(47.0	)	$	27.7

Uncertain tax positions

Uncertain tax positions

        Our total unrecognized tax benefits as of December 31, 2011 and 2010 were $4.7 million and $5.6 million, respectively (net of federal tax benefit), which included $1.4 million of interest and penalties (net of federal tax benefit) as of both December 31, 2011 and 2010.

(In millions)		2011			2010
Uncertain tax positions, beginning of year	$	5.6		$	6.6
Decreases for tax positions related to prior years		(0.9	)		(1.0	)
Settlements with tax authorities during the year		-			-
Uncertain tax positions, end of year	$	4.7		$	5.6