Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of Income From Continuing Operations Before Income Taxes, Domestic and Foreign

Income from continuing operations before income taxes consists of the following:

	Year Ended December 31
(in thousands)	2014		2013		2012
U.S.	$	1,274,509	$	261,137	$	108,233
Non-U.S.	52,602		13,693		16,459
	$	1,327,111	$	274,830	$	124,692

Schedule of Provision for Income Taxes on Income From Continuing Operations

The provision for income taxes on income from continuing operations consists of the following:

(in thousands)	Current		Deferred			Total
Year Ended December 31, 2014
U.S. Federal	$	294,965	$	44,860		$	339,825
State and Local	35,432		23,671			59,103
Non-U.S.	10,485		(3,313		)	7,172
	$	340,882	$	65,218		$	406,100
Year Ended December 31, 2013
U.S. Federal	$	70,152	$	22,438		$	92,590
State and Local	10,273		(9,808		)	465
Non-U.S.	10,015		(1,570		)	8,445
	$	90,440	$	11,060		$	101,500
Year Ended December 31, 2012
U.S. Federal	$	101,804	$	(48,685	)	$	53,119
State and Local	13,509		(5,135		)	8,374
Non-U.S.	12,604		(697		)	11,907
	$	127,917	$	(54,517	)	$	73,400

Schedule of Effective Income Tax Rate Reconciliation

The provision for income taxes on continuing operations is less than the amount of income tax determined by applying the U.S. Federal statutory rate of 35% to income from continuing operations before taxes as a result of the following:

	Year Ended December 31
(in thousands)	2014			2013			2012
U.S. Federal taxes at statutory rate	$	464,489		$	96,191		$	43,642
State and local taxes, net of U.S. Federal tax	35,242			2,941			8,887
Valuation allowances against state tax benefits, net of U.S. Federal tax	3,175			(2,638		)	(3,443		)
Tax-free stock transactions	(91,540		)	—			—
Tax provided on non-U.S. subsidiary earnings and distributions at more (less) than the
expected U.S. Federal statutory tax rate	2,186			767			(6,950		)
Valuation allowances against non-U.S. income tax benefits	(2,477		)	7,233			15,966
Goodwill impairment	—			—			12,776
U.S. Federal Manufacturing Deduction tax benefits	(6,789		)	(4,397		)	(2,393		)
Other, net	1,814			1,403			4,915
Provision for Income Taxes	$	406,100		$	101,500		$	73,400

Schedule of Deferred Tax Assets and Liabilities

Deferred income taxes consist of the following:

	As of December 31
(in thousands)	2014			2013
Accrued postretirement benefits	$	16,785		$	15,408
Other benefit obligations	122,241			101,923
Accounts receivable	17,925			24,911
State income tax loss carryforwards	26,077			30,036
U.S. Federal income tax loss carryforwards	2,368			2,613
U.S. Federal foreign income tax credit carryforwards	837			8,265
Non-U.S. income tax loss carryforwards	30,460			32,600
Other	50,134			61,753
Deferred Tax Assets	266,827			277,509
Valuation allowances	(73,656		)	(72,767		)
Deferred Tax Assets, Net	$	193,171		$	204,742
Property, plant and equipment	139,765			134,627
Prepaid pension cost	463,714			497,727
Unrealized gain on available-for-sale securities	34,764			115,785
Goodwill and other intangible assets	308,954			293,749
Deferred Tax Liabilities	$	947,197		$	1,041,888
Deferred Income Tax Liabilities, Net	$	754,026		$	837,146

Schedule of Changes in Deferred Tax Valuation Allowance

Deferred tax valuation allowances and changes in deferred tax valuation allowances were as follows:

(in thousands)	Balance at Beginning of Period		Tax Expense and Revaluation			Deductions	Balance at End of Period
Year ended
December 31, 2014	$	72,767	$	889		—	$	73,656
December 31, 2013	$	78,109	$	(5,342	)	—	$	72,767
December 31, 2012	$	59,179	$	18,930		—	$	78,109

Schedule of Unrecognized Tax Benefits Roll Forward

The following summarizes the Company’s unrecognized tax benefits, excluding interest and penalties, for the respective periods:

	Year Ended December 31
(in thousands)	2014		2013		2012
Beginning unrecognized tax benefits	$	—	$	—	$	—
Increases related to current year tax positions	7,000		—		—
Increases related to prior year tax positions	—		—		—
Decreases related to prior year tax positions	—		—		—
Decreases related to settlement with tax authorities	—		—		—
Decreases due to lapse of applicable statutes of limitations	—		—		—
Ending unrecognized tax benefits	$	7,000	$	—	$	—

State [Member]

Schedule of Income Tax Loss Carryforwards

The Company has $494.1 million of state income tax net operating loss carryforwards available to offset future state taxable income. State income tax loss carryforwards, if unutilized, will start to expire approximately as follows:

(in millions)
2015	$	4.7
2016	6.1
2017	3.7
2018	10.8
2019	4.8
2020 and after	464.0
Total	$	494.1

U.S. Federal [Member]

Schedule of Income Tax Loss Carryforwards

The Company has $6.7 million of U.S. Federal income tax loss carryforwards obtained as a result of prior stock acquisitions. U.S. Federal income tax loss carryforwards are expected to be fully utilized as follows:

(in millions)
2015	$	0.7
2016	0.7
2017	0.7
2018	0.7
2019	0.7
2020 and after	3.2
Total	$	6.7