INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Income Before Income Taxes and Provision for Income Taxes

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

	Year Ended December 31,
	2016			2015			2014
Income (loss) from continuing operations before income taxes:
United States	$	4.2		$	114.4		$	137.1
Foreign	4.3			(3.7		)	(19.7		)
	$	8.5		$	110.7		$	117.4
Provision for income taxes:
United States federal	$	7.6		$	37.7		$	54.6
State and local	2.3			16.9			18.1
Foreign	15.6			(3.2		)	5.1
	$	25.5		$	51.4		$	77.8
Current:
United States federal	$	9.0		$	(2.7	)	$	2.6
State and local	2.5			4.1			3.7
Foreign	20.2			21.7			7.2
	31.7			23.1			13.5
Deferred:
United States federal	(1.4		)	40.4			52.0
State and local	(0.2		)	12.8			14.4
Foreign	(4.6		)	(24.9		)	(2.1		)
	(6.2		)	28.3			64.3
Total provision for income taxes	$	25.5		$	51.4		$	77.8

Reconciliation of Statutory Federal Income Tax Rate

The actual tax on income before income taxes is reconciled to the applicable statutory federal income tax rate in the following table:

	Year Ended December 31,
	2016		2015			2014
Computed income tax expense	$	3.0	$	38.8		$	41.1
State and local taxes, net of U.S. federal income tax benefit	1.8		11.1			19.9
Foreign and U.S. tax effects attributable to operations outside the U.S.	3.1		13.6			5.8
Net establishment (release) of valuation allowance	2.0		(15.5		)	6.4
Foreign dividends and earnings taxable in the U.S.	1.7		3.2			5.4
Impairment for which there is no tax benefit	8.9		—			—
Acquisition costs for which there is no tax benefit	0.7		—			—
Other	4.3		0.2			(0.8		)
Total provision for income taxes	$	25.5	$	51.4		$	77.8

Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities at December 31, 2016 and 2015 were comprised of the following:

	December 31,
	2016			2015
Deferred tax assets:
Inventories	$	30.9		$	7.3
Net operating loss carryforwards - U.S.	140.4			47.2
Net operating loss carryforwards - foreign	50.5			51.4
Employee benefits	91.7			96.7
Sales related reserves	23.9			25.8
Foreign currency translation adjustment	9.9			11.0
Other	89.4			52.7
Total gross deferred tax assets	436.7			292.1
Less valuation allowance	(81.4		)	(47.1		)
Total deferred tax assets, net of valuation allowance	355.3			245.0
Deferred tax liabilities:
Plant, equipment and other assets	(26.0		)	(29.9		)
Intangibles	(132.4		)	(82.4		)
Other	(57.6		)	(63.2		)
Total gross deferred tax liabilities	(216.0		)	(175.5		)
Net deferred tax assets	$	139.3		$	69.5

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of the unrecognized tax benefits is provided in the following table:

Balance at January 1, 2015	$	62.0
Increase based on tax positions taken in a prior year	5.6
Decrease based on tax positions taken in a prior year	(5.8		)
Increase based on tax positions taken in the current year	8.5
Decrease resulting from the lapse of statutes of limitations	(5.3		)
Balance at December 31, 2015	65.0
Increase based on tax positions taken in a prior year	25.9
Decrease based on tax positions taken in a prior year	(1.3		)
Increase based on tax positions taken in the current year	9.3
Decrease resulting from the lapse of statutes of limitations	(5.6		)
Balance at December 31, 2016	$	93.3