Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

The provision for income taxes consisted of the following (in thousands):

	For the Years Ended December 31,
	2017			2016			2015
Currently Payable
Federal	$	3,794		$	34,867		$	67,702
State		1,718			5,255			8,387
Foreign		1,359			1,305			1,614
Total currently payable		6,871			41,427			77,703
Deferred, net
Federal		(8,709	)		(9,554	)		(20,929	)
State		150			(779	)		(1,778	)
Foreign		(341	)		(291	)		(455	)
Total deferred, net		(8,900	)		(10,624	)		(23,162	)
Provision for income taxes	$	(2,029	)	$	30,803		$	54,541

Schedule of Effective Income Tax Rates Varied from Statutory Federal Income Tax Rate

The Company’s effective income tax rates for the years ended December 31, 2017, 2016 and 2015 varied from the statutory federal income tax rate as set forth in the following table (in thousands):

	Years Ended December 31,
	2017						2016						2015
	Amount			% of Pre-tax Income			Amount			% of Pre-tax Income			Amount		% of Pre-tax Income
Tax provision based on the federal statutory rate	$	(94,153	)		35.0	%	$	33,130			35.0	%	$	3,569		35.0	%
State and local income taxes—net of federal income tax benefit		1,267			-0.5	%		2,639			2.8	%		374		3.6	%
Impairment of goodwill		87,688			-32.6	%		-			-			47,468		465.5	%
Capital loss valuation (allowance) reversal		-			-			(4,265	)		-4.5	%		1,217		11.9	%
Provisional transition tax		1,927			-0.7	%		-			-			-		-
Remeasurement due to tax reform rate change		627			-0.2	%		-			-			-		-
Tax effects of foreign dividend payments		-			-			1,756			1.8	%		-		-
Research and Development tax credit		(261	)		0.1	%		(1,237	)		-1.3	%		-		-
Non-deductible and other		876			-0.3	%		(1,220	)		-1.3	%		1,913		18.8	%
Provision for income taxes	$	(2,029	)		0.8	%	$	30,803			32.5	%	$	54,541		534.8	%

Schedule of Deferred Tax Assets and Liabilities

The sources of these differences and the related tax effects were as follows (in thousands):

	As of December 31,
	2017					2016
	Assets			Liabilities		Assets			Liabilities
Accrued expenses	$	14,755		$	-	$	16,742		$	-
Allowance for doubtful accounts		9,375			-		15,155			-
Depreciation and amortization		-			15,560		-			20,643
Intangibles arising from acquisitions		-			5,807		-			22,600
Inventory reserves and adjustments		-			12,268		-			17,900
Pension and post-retirement		8,536			-		11,700			-
Share-based compensation		4,505			-		6,627			-
Income tax credits and net operating losses		9,457			-		10,790			-
Restructuring costs		795			-		1,288			-
Other		725			-		921			-
Total Deferred		48,148			33,635		63,223			61,143
Valuation Allowance		(7,043	)		-		(5,035	)		-
Net Deferred	$	41,105		$	33,635	$	58,188		$	61,143

Schedule of Unrecognized Tax Benefits

The following table shows the changes in gross unrecognized tax benefits, for the years ended December 31, 2017, 2016 and 2015 (in thousands):

	2017			2016			2015
Beginning Balance, January 1	$	3,830		$	3,350		$	3,205
Additions based on tax positions taken during a prior period		358			713			1
Reductions based on tax positions taken during a prior period		(10	)		(32	)		(14	)
Additions based on tax positions taken during the current period		41			103			425
Reductions related to settlement of tax matters		(973	)		(52	)		(46	)
Reductions related to lapses of applicable statutes of limitation		(301	)		(252	)		(221	)
Ending Balance, December 31	$	2,945		$	3,830		$	3,350