INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2013

INCOME TAXES [Abstract]

Components of Income before Income Taxes

The components of income (loss) from continuing operations before income taxes are as follows (in millions):

	Year Ended December 31,
	2013			2012			2011
United States	$	(18.8	)	$	(66.5	)	$	43.5
Foreign		(3.0	)		24.9			35.5
Total	$	(21.8	)	$	(41.6	)	$	79.0

Schedule of Provision for Income Taxes

The (benefit) provision for income taxes consists of the following (in millions):

	Year Ended December 31,
	2013			2012			2011
Current:
Federal	$	(8.2	)	$	(5.4	)	$	13.6
State		0.6			0.3			2.2
Foreign		3.2			8.1			8.4
Total current		(4.4	)		3.0			24.2
Deferred:
Federal		20.5			(16.5	)		0.5
State		4.8			(3.3	)		0.4
Foreign		1.1			(16.8	)		(0.7	)
Total deferred		26.4			(36.6	)		0.2
TOTAL	$	22.0		$	(33.6	)	$	24.4

Reconciliation of Difference between Income Tax Expense and Computed Income Tax Expense Based on Federal Statutory Corporate Rate

A reconciliation of the difference between the income tax expense and the computed income tax expense based on the Federal statutory corporate rate is as follows (in millions):

	Year Ended December 31,
	2013					2012					2011
Income tax at Federal statutory rate	$	(7.6	)	(35.0	)%	$	(14.5	)	(35.0	)%	$	27.6		35.0	%
Foreign taxes at rates different from the U.S. rate		2.3		10.6			(3.7	)	(8.9	)		(0.9	)	(1.1	)
State and local income taxes, net of federal tax benefit		(0.3	)	(1.4	)		(2.1	)	(5.0	)		1.3		1.6
Changes in valuation allowances		28.9		132.6			(13.3	)	(31.9	)		(3.7	)	(4.7	)
Change in deferred tax liability		(1.2	)	(5.5	)		-		-			-		-
Non-deductible items		0.1		0.5			0.1		0.2			0.1		0.1
Other items, net		(0.2	)	(0.9	)		(0.1	)	(0.2	)		-		-
Income tax at Federal statutory rate	$	22.0		100.9		$	(33.6	)	(80.8	)%	$	24.4		30.9	%

Schedule of Deferred Tax Assets and Liabilities

The deferred tax assets and liabilities are comprised of the following (in millions):

	December 31,
	2013			2012
Assets:
Current:
Accrued expenses and other liabilities	$	10.8		$	12.1
Inventory		4.6			6.2
Valuation allowances		(11.2	)		(2.2	)
Total current assets	$	4.2		$	16.1
Non-current:
Net operating loss and credit carryforwards	$	30.1		$	25.7
Depreciation		2.0			2.6
Intangible & other		15.2			22.4
Valuation allowances		(28.5	)		(8.9	)
Total non-current assets	$	18.8		$	41.8
Liabilities :
Current :
Deductible assets	$	0.7		$	2.5
Other		1.2			-
Total current liabilities	$	1.9		$	2.5
Non-current:
Amortization	$	1.1		$	6.2
Depreciation		1.8			5.4
Other		0.6			-
Total non-current liabilities	$	3.5		$	11.6