INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2013

INCOME TAXES [Abstract]

Provision (Benefit) for Income Taxes

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

Year Ended December 31,	2013			2012			2011
(In millions)
Current:
Federal	$	(3.1	)	$	2.1		$	(4.9	)
State and local		2.1			1.5			0.6
Foreign		2.1			9.9			6.0
		1.1			13.5			1.7
Deferred:
Federal		14.1			(11.6	)		26.7
State and local		0.5			(2.6	)		0.6
Foreign		(9.3	)		(12.2	)		(9.4	)
		5.3			(26.4	)		17.9
Provision (benefit) for income taxes	$	6.4		$	(12.9	)	$	19.6

Domestic and Foreign Components of (Loss) Income Before (Benefit) Provision for Income Taxes

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

Year Ended December 31,	2013			2012			2011
(In millions)
(Loss) income before (benefit) provision for income taxes
United States	$	8.8		$	(2.4	)	$	72.7
Foreign		(22.1	)		(65.5	)		(1.6	)
	$	(13.3	)	$	(67.9	)	$	71.1

Reconciliation of Provision (Benefit) for Income Taxes

The provision (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,	2013			2012			2011
(In millions)
(Benefit) provision for Federal income taxes at the statutory rate	$	(4.6	)	$	(23.8	)	$	24.9
State and local income taxes, net of federal benefit		1.4			0.5			1.7
Foreign income tax difference		(8.4	)		(6.8	)		(8.9	)
Goodwill impairments		13.2			16.7			-
Research & development tax credit		(1.7	)		-			-
Foreign valuation allowance		2.8			-			-
Amortization of contingent liability		0.9			0.9			0.5
Officers' compensation		0.5			0.7			0.7
Acquisition costs		0.4			0.1			0.8
Life insurance / disability		0.3			0.3			0.2
Meals & entertainment		0.3			0.3			0.3
Expiration of charitable contribution carryover		0.7			-			-
Change in net reserves - uncertain tax positions		0.5			(1.1	)		(0.9	)
Other items, net		0.1			(0.7	)		0.3
Provision (benefit) for income taxes	$	6.4		$	(12.9	)	$	19.6

Deferred Tax Assets and Liabilities

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

December 31,	2013			2012
(In millions)
Deferred tax assets (liabilities):
Nondeductible accruals and allowances	$	64.7		$	65.4
Depreciation		(3.4	)		2.8
Intangible asset valuation and amortization		(154.7	)		(154.3	)
Loss and credit carryforwards		52.0			43.4
Amortization of stock-based compensation		15.4			15.2
Deferred compensation		3.2			2.9
Inventory valuation		(5.3	)		(6.8	)
Pension		5.2			11.0
Gain on sale-leaseback transaction		1.5			1.7
Prepaid expenses		(2.7	)		(2.1	)
Display costs		(2.9	)		(3.8	)
Adjustments to acquisition consideration payable		(2.5	)		7.8
Partnership differences		1.2			-
Unrealized translation loss		(0.3	)		0.6
Fair value adjustment on interest rate swaps		1.7			1.3
Inventory overhead		0.6			0.1
Valuation allowances		(12.2	)		(8.8	)
Other (net)		0.1			0.1
Net deferred tax liability	$	(38.4	)	$	(23.5	)
Included in:
Current assets		32.0			33.2
Noncurrent liabilities		(70.4	)		(56.7	)
Net deferred tax liability	$	(38.4	)	$	(23.5	)

Uncertain Tax Positions

Our total unrecognized tax benefits as of December 31, 2013 and 2012 were $0.8 million and $0.3 million, respectively (net of federal tax benefit), which included $0.2 million and $0.0 million of interest and penalties, respectively (net of federal tax benefit).

(In millions)	2013			2012
Uncertain tax positions, beginning of year	$	0.3		$	4.7
Decreases for tax positions related to prior years		0.5			(1.1	)
Settlements with tax authorities during the year		(0.0	)		(3.3	)
Uncertain tax positions, end of year	$	0.8		$	0.3