Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Components of Income from Continuing Operations before Income Taxes and Noncontrolling Shareholders' Interests

Components of income from continuing operations before income taxes and noncontrolling shareholders’ interests were as follows:

	2010		2011		2012
United States	$	67,579	$	21,763	$	206,853
Foreign		92,247		112,383		161,597
Total	$	159,826	$	134,146	$	368,450

Provision (Benefit) for Income Tax for Continuing Operations

The provision (benefit) for income tax for continuing operations consisted of the following:

	2010			2011			2012
Current:
Federal	$	2,823		$	6,694		$	67,921
State and local		3,716			2,053			9,812
Foreign		10,731			24,486			38,082
		17,270			33,233			115,815
Deferred:
Federal		3,921			(139,697	)		(4,225	)
State and local		—			(28,893	)		(573	)
Foreign		(1,134	)		(100	)		5,007
		2,787			(168,690	)		209
	$	20,057		$	(135,457	)	$	116,024

Reconciliation of Income Tax Expense (Benefit) for Continuing Operations

A reconciliation of income tax expense (benefit) for continuing operations to the tax based on the U.S. statutory rate is as follows:

	2010			2011			2012
Income tax provision at 35%	$	55,939		$	46,951		$	128,958
State and local income tax, net of federal income tax effect		1,913			1,879			4,391
U.S. tax credits		(2,220	)		(1,732	)		—
Difference in effective tax rates of international operations		(20,608	)		(15,828	)		(16,545	)
Valuation allowance		(8,704	)		1,225			(181	)
Valuation allowance - domestic release		—			(167,224	)		—
Other - net		(6,263	)		(728	)		(599	)
Income tax expense	$	20,057		$	(135,457	)	$	116,024

Components of Company's Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities at December 31 were as follows:

	2011			2012
Deferred tax assets:
Postretirement and other employee benefits	$	243,222		$	269,471
Products liability		68,261			71,759
Net operating loss, capital loss, and tax credits carryforwards		36,924			30,043
All other items		41,635			49,103
Total deferred tax assets		390,042			420,376
Deferred tax liabilities:
Property, plant and equipment		(114,034	)		(116,879	)
All other items		(8,383	)		(7,348	)
Total deferred tax liabilities		(122,417	)		(124,227	)
		267,625			296,149
Valuation allowances		(28,271	)		(27,993	)
Net deferred tax asset	$	239,354		$	268,156

Unrecognized Tax Benefits for Permanent and Temporary Book/Tax Differences for Continuing Operations, Exclusive of Interest

	2010			2011			2012
Balance at January 1	$	7,517		$	9,237		$	987
Settlements for tax positions of prior years		—			(15,969	)		—
Additions for tax positions of the current year		1,686			987			4,195
Additions for tax positions of prior years		62			7,837			181
Reductions for tax positions of prior years		(28	)		(572	)		(225	)
Reductions for lapse of statute of limitations		—			(533	)		—
Balance at December 31	$	9,237		$	987		$	5,138