INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of Income Before Income Taxes and Applicable Provision for (Benefit from) Income Taxes

The Company's income before income taxes and the applicable provision for income taxes are as follows:



	Year Ended December 31,
	2013			2012			2011
Income from continuing operations before income taxes:
United States	$	26.0		$	87.2		$	48.9
Foreign	44.6			17.7			43.1
	$	70.6		$	104.9		$	92.0
Provision for (benefit from) income taxes:
United States federal	$	24.8		$	41.8		$	34.4
State and local	13.8			(9.6		)	(3.6		)
Foreign	7.4			11.5			6.0
	$	46.0		$	43.7		$	36.8
Current:
United States federal	$	3.2		$	2.2		$	0.9
State and local	0.7			2.4			0.8
Foreign	11.3			10.7			21.7
	15.2			15.3			23.4
Deferred:
United States federal	28.0			73.4			60.1
State and local	22.2			(5.2		)	(1.3		)
Foreign	(1.7		)	3.0			(14.4		)
	48.5			71.2			44.4
Benefits of operating loss carryforwards:
United States federal	(6.4		)	(33.8		)	(26.6		)
State and local	(9.1		)	(6.8		)	(3.1		)
Foreign	(2.2		)	(2.2		)	(1.3		)
	(17.7		)	(42.8		)	(31.0		)
	$	46.0		$	43.7		$	36.8

Reconciliation of Tax Expense to Statutory Federal Income Tax Rate

The actual tax on income before income taxes is reconciled to the applicable statutory federal income tax rate as follows:



	Year Ended December 31,
	2013			2012			2011
Computed income tax expense	$	24.7		$	36.7		$	32.2
State and local taxes, net of U.S. federal income tax benefit	8.9			4.0			(2.4		)
Foreign and U.S. tax effects attributable to operations outside the U.S.	(8.2		)	(7.5		)	3.0
Reduction in valuation allowance	—			(15.8		)	(16.9		)
Foreign dividends and earnings taxable in the U.S.	11.0			12.7			15.2
Restructuring charges and litigation loss contingency for which there is no tax benefit	2.7			11.1			—
Other	6.9			2.5			5.7
Tax expense	$	46.0		$	43.7		$	36.8

Components of Deferred Tax Assets and Liabilities

Deferred taxes are the result of temporary differences between the bases of assets and liabilities for financial reporting and income tax purposes. Deferred tax assets and liabilities at December 31, 2013 and 2012 were comprised of the following:



	December 31,
	2013			2012
Deferred tax assets:
Inventories	$	9.1		$	3.6
Net operating loss carryforwards - U.S.	140.7			153.4
Net operating loss carryforwards - foreign	69.9			51.1
Employee benefits	65.0			98.9
State and local taxes	2.3			2.3
Sales related reserves	33.6			31.4
Other	42.9			32.5
Total gross deferred tax assets	363.5			373.2
Less valuation allowance	(61.7		)	(70.6		)
Total deferred tax assets, net of valuation allowance	301.8			302.6
Deferred tax liabilities:
Plant, equipment and other assets	(126.3		)	(17.0		)
Foreign currency translation adjustment	1.9			(1.1		)
Other	(45.2		)	(21.0		)
Total gross deferred tax liabilities	(169.6		)	(39.1		)
Net deferred tax assets	$	132.2		$	263.5

Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of the unrecognized tax benefits is as follows:



Balance at January 1, 2012	$	46.0
Increase based on tax positions taken in a prior year	8.5
Decrease based on tax positions taken in a prior year	(4.8		)
Increase based on tax positions taken in the current year	6.0
Decrease resulting from the lapse of statutes of limitations	(5.8		)
Balance at December 31, 2012	49.9
Increase based on tax positions taken in a prior year	25.8
Decrease based on tax positions taken in a prior year	(1.6		)
Increase based on tax positions taken in the current year	9.3
Decrease resulting from the lapse of statutes of limitations	(8.9		)
Balance at December 31, 2013	$	74.5