Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

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

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

	Year Ended December 31
(in thousands)	2016		2015			2014
U.S.	$	227,457	$	(142,705	)	$	1,025,101
Non-U.S.	23,201		21,815			52,602
	$	250,658	$	(120,890	)	$	1,077,703

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, 2016
U.S. Federal	$	56,342	$	33,959		$	90,301
State and Local	6,325		(5,164		)	1,161
Non-U.S.	8,463		(18,725		)	(10,262		)
	$	71,130	$	10,070		$	81,200
Year Ended December 31, 2015
U.S. Federal	$	5,728	$	20,890		$	26,618
State and Local	402		(10,749		)	(10,347		)
Non-U.S.	2,441		1,788			4,229
	$	8,571	$	11,929		$	20,500
Year Ended December 31, 2014
U.S. Federal	$	215,450	$	38,684		$	254,134
State and Local	23,737		27,257			50,994
Non-U.S.	10,485		(3,313		)	7,172
	$	249,672	$	62,628		$	312,300

Schedule of Effective Income Tax Rate Reconciliation

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

	Year Ended December 31
(in thousands)	2016			2015			2014
U.S. Federal taxes at statutory rate	$	87,731		$	(42,311	)	$	377,196
State and local taxes, net of U.S. Federal tax	(2,965		)	(3,441		)	38,106
Valuation allowances against state tax benefits, net of U.S. Federal tax	3,196			(3,285		)	(4,960		)
Tax-free stock transactions	—			—			(91,540		)
Tax provided on non-U.S. subsidiary earnings and distributions	1,993			2,688			2,186
Valuation allowances against other non-U.S. income tax benefits	(12,688		)	431			(2,477		)
Goodwill impairments and dispositions	(5,631		)	63,889			—
U.S. Federal Manufacturing Deduction tax benefits	(6,012		)	(625		)	(6,789		)
Write-off of deferred taxes related to intercompany loans	10,965			—			—
Other, net	4,611			3,154			578
Provision for Income Taxes	$	81,200		$	20,500		$	312,300

Schedule of Deferred Tax Assets and Liabilities

Deferred income taxes consist of the following:

	As of December 31
(in thousands)	2016			2015
Accrued postretirement benefits	$	9,444		$	13,763
Other benefit obligations	120,792			108,349
Accounts receivable	10,780			12,840
State income tax loss carryforwards	23,178			19,550
U.S. Federal income tax loss carryforwards	6,212			5,007
U.S. Federal foreign income tax credit carryforwards	1,921			1,374
Non-U.S. income tax loss carryforwards	19,246			26,921
Non-U.S. capital loss carryforwards	1,929			10,055
Other	44,401			44,858
Deferred Tax Assets	237,903			242,717
Valuation allowances	(41,319		)	(69,545		)
Deferred Tax Assets, Net	$	196,584		$	173,172
Property, plant and equipment	13,591			17,465
Prepaid pension cost	349,878			386,916
Unrealized gain on available-for-sale securities	61,964			39,010
Goodwill and other intangible assets	132,997			133,097
Deferred Tax Liabilities	$	558,430		$	576,488
Deferred Income Tax Liabilities, Net	$	361,846		$	403,316

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, 2016	$	69,545	$	4,709	$	(32,935	)	$	41,319
December 31, 2015	$	65,521	$	4,024	$	—		$	69,545
December 31, 2014	$	72,767	$	889	$	(8,135	)	$	65,521

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)	2016		2015			2014
Beginning unrecognized tax benefits	$	17,331	$	19,817		$	—
Increases related to current year tax positions	—		—			19,817
Increases related to prior year tax positions	—		—			—
Decreases related to prior year tax positions	—		(2,486		)	—
Decreases related to settlement with tax authorities	—		—			—
Decreases due to lapse of applicable statutes of limitations	—		—			—
Ending unrecognized tax benefits	$	17,331	$	17,331		$	19,817

State [Member]

Schedule of Income Tax Loss Carryforwards

The Company has $455.6 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)
2017	$	7.3
2018	9.3
2019	2.8
2020	18.3
2021	19.6
2022 and after	398.3
Total	$	455.6

U.S. Federal [Member]

Schedule of Income Tax Loss Carryforwards

The Company has $17.6 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)
2017	$	4.1
2018	3.6
2019	3.3
2020	3.3
2021	1.1
2022 and after	2.2
Total	$	17.6