Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Components of Provision for Income Taxes

The provision for income taxes consists of the following:



	For the years ended December 31,
In thousands	2018			2017			2016
Current:
Federal	$	3,739		$	11,526		$	15,376
State	498			956			1,513
Foreign	3,788			2,425			2,104
Total Current	$	8,025		$	14,907		$	18,993
Deferred:
Federal	$	2,646		$	(2,472	)	$	(594	)
State	380			256			601
Foreign	(2,598		)	(717		)	(1,179		)
Total Deferred	428			(2,933		)	(1,172		)
Provision for income taxes	$	8,453		$	11,974		$	17,821

Schedule of Reconciliation of the Difference between the Actual Provisions for Income Taxes

The following is a reconciliation of the difference between the actual provision for income taxes and the provision computed by applying the federal statutory tax rate on earnings:



	For the years ended December 31,
	2018		2017		2016
Statutory federal income tax rate	21.0	%	35.0	%	35.0	%
State income taxes	1.6		1.6		2.1
Valuation allowances for deferred tax assets, including state	(1.3	)	0.1		1.3
Research and development credits	(1.3	)	(1.0	)	(1.2	)
Capitalized transaction costs	0.6		—		0.7
Domestic production activities deduction	—		(1.8	)	(2.7	)
Stock based compensation	(0.7	)	(4.4	)	(2.1	)
German Cartel settlement	—		—		2.2
Foreign income taxed at lower rates	(1.6	)	(2.8	)	(3.5	)
Reserves for uncertain tax positions	—		(1.7	)	(0.1	)
Repatriation of foreign undistributed earnings	1.6		1.3		—
Revaluation of deferred tax liabilities due to federal rate change	—		(7.3	)	—
Other	(0.4	)	0.5		0.7
Effective income tax rate	19.5	%	19.5	%	32.4	%

Schedule of Net Current and Net Long-Term Deferred Tax Assets and Liabilities by Tax Jurisdiction

The following schedule presents net current and net long-term deferred tax assets and liabilities by tax jurisdiction as of December 31, 2018 and 2017:



	2018				2017
	Deferred Tax Assets				Deferred Tax Assets
In thousands	Current		Long-term		Current		Long-term
Federal	$	—	$	—	$	—	$	—
State	—		—		—		—
Foreign	—		2,055		—		1,146
Totals	$	—	$	2,055	$	—	$	1,146



	2018				2017
	Deferred Tax Liabilities				Deferred Tax Liabilities
In thousands	Current		Long-term		Current		Long-term
Federal	$	—	$	30,193	$	—	$	7,288
State	—		3,728		—		424
Foreign	—		5,344		—		7,002
Totals	$	—	$	39,265	$	—	$	14,714

Schedule of Components of Deferred Tax Asset and Liability

Net deferred tax assets (liabilities) consisted of the following as of December 31, 2018 and 2017:



	December 31,
In thousands	2018			2017
Deferred tax assets:
Accounts receivable	$	172		$	132
Inventories	520			164
Net operating loss carryforwards	6,095			5,339
Other accrued liabilities	3,426			1,053
Pension	5,181			1,482
Tax Credits	1,846			1,735
Total deferred tax assets	17,240			9,905
Deferred tax liabilities:
Intangible assets	25,133			2,073
Property, plant and equipment	23,353			15,691
Total deferred tax liabilities	48,486			17,764
Valuation allowance	5,964			5,709
Net deferred tax liabilities	$	(37,210	)	$	(13,568	)

Schedule of Income from Continuing Operations before Income Taxes

For the years ended December 31, 2018, 2017 and 2016, income before income taxes was derived from the following sources:



	For the years ended December 31,
In thousands	2018		2017		2016
United States	$	33,928	$	54,212	$	53,356
Foreign	9,337		7,107		1,583
Total income before income taxes	$	43,265	$	61,319	$	54,939

Schedule of Reconciliation of Unrecognized Tax Benefits

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



In thousands	2018			2017
Unrecognized tax benefits at beginning of year	$	2,526		$	3,219
Decreases relating to positions taken in prior periods	(298		)	—
Increases relating to positions taken in prior periods	—			221
Increases relating to current period	1,584			475
Decreases due to settlements with tax authorities	(233		)	(1,372		)
Decreases due to lapse of statute of limitations	(16		)	(17		)
Unrecognized tax benefits at end of year	$	3,563		$	2,526