INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2012

INCOME TAXES [Abstract]

Summary of the provision (benefit) for income taxes

The following summarizes the (benefit) provision for income taxes:

Year Ended December 31,	2012			2011			2010
(In millions)
Current:
Federal	$	2.1		$	(4.9	)	$	16.5
State and local		1.5			0.6			2.2
Foreign		9.9			6.0			7.5
		13.5			1.7			26.2
Deferred:
Federal		(11.6	)		26.7			6.3
State and local		(2.6	)		0.6			(0.7	)
Foreign		(12.2	)		(9.4	)		(1.1	)
		(26.4	)		17.9			4.5
(Benefit) provision for income taxes	$	(12.9	)	$	19.6		$	30.7

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

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

Year Ended December 31,	2012			2011			2010
(In millions)
(Loss) income before (benefit) provision for income taxes
United States	$	(2.4	)	$	72.7		$	91.8
Foreign		(65.5	)		(1.6	)		(6.7	)
	$	(67.9	)	$	71.1		$	85.1

Provision (benefit) for income taxes reconciliation

The (benefit) 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,	2012			2011			2010
(In millions)
(Benefit) provision for Federal income taxes at the statutory rate	$	(23.8	)	$	24.9		$	29.8
State and local income taxes, net of federal benefit		(0.6	)		0.9			0.9
Foreign income tax difference		(6.8	)		(8.9	)		(2.2	)
Nondeductible goodwill impairment		16.7			-			-
Other items, net		1.6			2.7			2.2
(Benefit) provision for income taxes	$	(12.9	)	$	19.6		$	30.7

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,	2012			2011
(In millions)
Deferred tax assets (liabilities):
Nondeductible accruals and allowances	$	65.4		$	52.9
Depreciation		2.8			8.9
Intangible asset valuation and amortization		(154.3	)		(157.6	)
Loss and credit carryforwards		43.4			39.0
Amortization of stock-based compensation		15.2			14.1
Deferred compensation		2.9			2.4
Inventory valuation		(6.8	)		(8.3	)
Pension		11.0			11.1
Gain on sale-leaseback transaction		1.7			1.9
Prepaid expenses		(2.1	)		(2.7	)
Display costs		(3.8	)		(4.0	)
Adjustments to acquisition consideration payable		7.8			5.9
Other (net)		0.1			0.4
Partnership differences		-			(4.6	)
Unrealized translation loss		0.6			1.9
Fair value adjustment on interest rate swaps		1.3			1.8
Inventory overhead		0.1			(2.0	)
Valuation allowances		(8.8	)		(8.1	)
Net deferred tax liability	$	(23.5	)	$	(47.0	)
Included in:
Current assets		33.2			26.4
Noncurrent liabilities		(56.7	)		(73.4	)
Net deferred tax liability	$	(23.5	)	$	(47.0	)

Uncertain tax positions

Our total unrecognized tax benefits as of December 31, 2012 and 2011 were $0.3 million and $4.7 million, respectively (net of federal tax benefit), which included $0.0 million and $1.4 million of interest and penalties, respectively (net of federal tax benefit).

(In millions)	2012			2011
Uncertain tax positions, beginning of year	$	4.7		$	5.6
Decreases for tax positions related to prior years		(1.1	)		(0.9	)
Settlements with tax authorities during the year		(3.3	)		-
Uncertain tax positions, end of year	$	0.3		$	4.7