INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2014

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,
	2014			2013			2012
United States	$	(9.3	)	$	(18.8	)	$	(66.5	)
Foreign		(23.3	)		(3.0	)		24.9
Total	$	(32.6	)	$	(21.8	)	$	(41.6	)

Schedule of Provision for Income Taxes

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

	Year Ended December 31,
	2014			2013			2012
Current:
Federal	$	(0.3	)	$	(8.2	)	$	(5.4	)
State		0.6			0.6			0.3
Foreign		4.1			3.2			8.1
Total current		4.4			(4.4	)		3.0
Deferred:
Federal		-			20.5			(16.5	)
State		(0.5	)		4.8			(3.3	)
Foreign		1.0			1.1			(16.8	)
Total deferred		0.5			26.4			(36.6	)
TOTAL	$	4.9		$	22.0		$	(33.6	)

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,
	2014					2013					2012
Income tax at Federal statutory rate	$	(11.4	)	(35.0	)%	$	(7.60	)	(35.0	)%	$	(14.5	)	(35.0	)%
Foreign taxes at rates different from the U.S. rate		6.1		18.7			2.3		10.6			(3.7	)	(8.9	)
State and local income taxes, net of federal tax benefit		1.3		4.0			(0.3	)	(1.4	)		(2.1	)	(5.0	)
Changes in valuation allowances		9.1		27.9			28.9		132.6			(13.3	)	(31.9	)
Change in deferred tax liability		-		-			(1.2	)	(5.5	)		-		-
Non-deductible items		-		-			0.1		0.5			0.1		0.2
Other items, net		(0.2	)	(0.6	)		(0.2	)	(0.9	)		(0.1	)	(0.2	)
Income tax	$	4.9		15.0	%	$	22.0		100.9	%	$	(33.6	)	(80.8	)%

Schedule of Deferred Tax Assets and Liabilities

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

	December 31,
	2014			2013
Assets:
Current:
Accrued expenses and other liabilities	$	10.5		$	10.8
Inventory		4.2			4.6
Valuation allowances		(10.5	)		(11.2	)
Total current assets	$	4.2		$	4.2
Non-current:
Net operating loss and credit carryforwards	$	35.0		$	30.1
Depreciation		2.5			2.0
Intangible & other		16.2			15.2
Valuation allowances		(38.3	)		(28.5	)
Total non-current assets	$	15.4		$	18.8
Liabilities :
Current :
Deductible assets	$	1.5		$	0.7
Other		1.0			1.2
Total current liabilities	$	2.5		$	1.9
Non-current:
Amortization	$	1.2		$	1.1
Depreciation		0.1			1.8
Other		0.6			0.6
Total non-current liabilities	$	1.9		$	3.5