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INCOME TAXES (Tables) | 12 Months Ended
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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 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)(1)(i)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
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