Income Taxes (Tables)

12 Months Ended

Dec. 31, 2011

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Significant components of the provision for income taxes including those related to noncontrolling interest and discontinued operations are as follows:

(In thousands)	2011			2010			2009
Current:
Federal	$	8,931		$	5,530		$	5,400
State	1,929			2,176			(278		)
Foreign	1,719			569			780
Current provision	12,579			8,275			5,902
Deferred:
Federal	10,829			7,027			(5,065		)
State	1,307			(331		)	(2,673		)
Foreign	(304		)	(84		)	422
Deferred provision	11,832			6,612			(7,316		)
	$	24,411		$	14,887		$	(1,414	)

Schedule of Effective Income Tax Rate Reconciliation

The differences between the actual tax expense (benefit) and tax expense (benefit) computed at the statutory U.S. Federal tax rate are explained as follows:

	2011			2010			2009
Federal statutory tax expense (benefit)	$	24,639		$	14,640		$	(2,750	)
State taxes, net of federal tax effect	2,096			1,199			(1,919		)
Credit for increasing research activities	(942		)	(839		)	(1,100		)
Deduction related to domestic production activities	(1,005		)	(874		)	(316		)
Foreign income tax	1,415			485			1,202
Excludable foreign income	(2,044		)	(1,151		)	(670		)
True-up of deferred tax items	—			—			2,137
Basis in subsidiary	—			—			4,378
Valuation allowance	2			1,149			(3,073		)
Uncertain tax positions	654			558			636
Other tax credits	(203		)	—			(213		)
Other – net	(201		)	(280		)	274
Total income tax expense (benefit)	$	24,411		$	14,887		$	(1,414	)

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Corporation’s deferred tax liabilities and assets are as follows:

(In thousands)	2011			2010			2009
Net long-term deferred tax liabilities:
Tax over book depreciation	$	(6,300	)	$	(450	)	$	1,334
Compensation	4,367			4,324			3,221
Stock-based compensation	5,582			4,086			2,775
Goodwill	(56,878		)	(47,186		)	(40,314		)
Accrued post-retirement benefit obligations	5,749			5,459			5,214
Valuation allowance	(950		)	(1,014		)	—
Other – net	5,660			4,256			3,543
Total net long-term deferred tax liabilities	(42,770		)	(30,525		)	(24,227		)
Net current deferred tax assets:
Allowance for doubtful accounts	1,691			1,987			2,337
Vacation accrual	3,078			2,938			4,029
Inventory differences	3,676			3,730			3,845
Deferred income	(3,933		)	(3,040		)	(2,798		)
Warranty accruals	4,748			4,861			4,742
Valuation allowance	(666		)	(616		)	—
Other – net	10,203			8,607			8,144
Total net current deferred tax assets	18,797			18,467			20,299
Net deferred tax (liabilities) assets	$	(23,973	)	$	(12,058	)	$	(3,928	)

Summary of Income Tax Contingencies

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

(in thousands)	2011			2010			2009
Unrecognized tax benefits, beginning of period	$	3,193		$	3,446		$	3,646
Increases (decreases) in positions taken in a prior period	492			78			(71		)
Decreases in positions taken in a prior period	(16		)	(73		)	(500		)
Increases in positions taken in a current period	670			571			651
Decrease due to settlements				—			(204		)
Decrease due to lapse of statute of limitations	(1,241		)	(829		)	(76		)
Unrecognized tax benefits, end of period	$	3,098		$	3,193		$	3,446