INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2017

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,
	2017			2016			2015
(Loss) income from continuing operations before income taxes:
United States	$	(190.7	)	$	4.2		$	114.4
Foreign	27.2			4.3			(3.7		)
	$	(163.5	)	$	8.5		$	110.7
Provision for income taxes:
United States federal	$	7.0		$	7.6		$	37.7
State and local	9.0			2.3			16.9
Foreign	5.8			15.6			(3.2		)
	$	21.8		$	25.5		$	51.4
Current:
United States federal	$	(20.2	)	$	9.0		$	(2.7	)
State and local	1.9			2.5			4.1
Foreign	17.5			20.2			21.7
	(0.8		)	31.7			23.1
Deferred:
United States federal	$	27.2		$	(1.4	)	$	40.4
State and local	7.1			(0.2		)	12.8
Foreign	(11.7		)	(4.6		)	(24.9		)
	$	22.6		$	(6.2	)	$	28.3
Total provision for income taxes	$	21.8		$	25.5		$	51.4

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,
	2017			2016		2015
Computed income tax (benefit) expense	$	(57.2	)	$	3.0	$	38.8
State and local taxes, net of U.S. federal income tax benefit	6.1			1.8		11.1
Foreign and U.S. tax effects attributable to operations outside the U.S.	(6.5		)	3.1		13.6
Net establishment (release) of valuation allowance	(1.2		)	2.0		(15.5		)
Foreign dividends and earnings taxable in the U.S.	1.8			1.7		3.2
Impairment for which there is no tax benefit	0.4			8.9		—
Tax effect of basis reclassification	23.7			—		—
Impact of the Tax Act (a)	47.9			—		—
Other	6.8			5.0		0.2
Total provision for income taxes	$	21.8		$	25.5	$	51.4

^(a) Refer to the discussion that follows.

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. The Company's deferred tax assets and liabilities at December 31, 2017 and 2016 were comprised of the following:

	December 31,
	2017			2016
Deferred tax assets:
Inventories	$	21.2		$	30.9
Net operating loss carryforwards - U.S.	161.0			140.4
Net operating loss carryforwards - foreign	47.0			50.5
Employee benefits	54.5			91.7
Sales-related reserves	19.1			23.9
Foreign currency translation adjustment	10.3			9.9
Other	67.6			89.4
Total gross deferred tax assets	380.7			436.7
Less valuation allowance	(90.7		)	(81.4		)
Total deferred tax assets, net of valuation allowance	290.0			355.3
Deferred tax liabilities:
Plant, equipment and other assets	(21.7		)	(26.0		)
Intangibles	(95.0		)	(132.4		)
Other	(36.0		)	(57.6		)
Total gross deferred tax liabilities	(152.7		)	(216.0		)
Net deferred tax assets	$	137.3		$	139.3

Reconciliation of Unrecognized Tax Benefits

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

	Tax			Interest and Penalties			Total
Balance at January 1, 2016	$	54.7		$	10.3		$	65.0
Increase based on tax positions taken in a prior year	24.4			1.5			25.9
Decrease based on tax positions taken in a prior year	(1.2		)	(0.1		)	(1.3		)
Increase based on tax positions taken in the current year	9.1			0.2			9.3
Decrease resulting from the lapse of statutes of limitations	(4.3		)	(1.3		)	(5.6		)
Balance at December 31, 2016	82.7			10.6			93.3
Increase based on tax positions taken in a prior year	9.1			1.5			10.6
Decrease based on tax positions taken in a prior year (a)	(19.6		)	(1.5		)	(21.1		)
Increase based on tax positions taken in the current year	11.0			0.2			11.2
Decrease resulting from the lapse of statutes of limitations	(7.3		)	(1.8		)	(9.1		)
Balance at December 31, 2017	$	75.9		$	9.0		$	84.9

^(a)  Includes a provisional amount for the expected impact of the Tax Act on the Company’s unrecognized tax benefits.