Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Income Taxes [Abstract]

Schedule of Components of Income Tax Expense

(in thousands)	2012		2011		2010
Income tax based on income from continuing operations, at estimated tax rates of 39%, 33%, and 30%, respectively	$19,769		$17,814		$14,381
Pension plan settlements	(39,460	)	-		-
Redemption of life insurance policies	-		-		9,382
Income tax before discrete items	(19,691	)	17,814		23,763
Discrete tax (benefit)/expense:
Provision for/resolution of tax audits and contingencies, net	(2,747	)	289		-
Adjustments to prior period tax liabilities	(1,471	)	(1,624	)	100
Enacted legislation change	(973	)	115		324
Provision for/adjustment to beginning of year valuation allowances	(2,442	)	22,798		-
Change in tax status	-		(3,344	)	(161	)
Repatriation of non-U.S. prior years' earnings	-		-		(2,262	)
Adjustment to correct a prior year error	-		(3,553	)	-
Other discrete tax adjustments, net	(199	)	87		(742	)
Total income tax (benefit)/expense	($27,523	)	$32,582		$21,022

Schedule of Income/(Loss) From Continuing Operations

(in thousands)	2012		2011		2010
(Loss)/income before income taxes:
U.S.	($84,624	)	($9,748	)	($1,481	)
Non-U.S.	16,258		63,596		49,926
	($68,366	)	$53,848		$48,445
Income tax provision:
Current:
Federal	($20,123	)	($9,288	)	($2,469	)
State	(1,212	)	120		75
Non-U.S.	12,413		17,879		9,306
	($8,922	)	$8,711		$6,912
Deferred:
Federal	($12,851	)	$3,519		$11,838
State	(1,538	)	113		1,893
Non-U.S.	(4,212	)	20,239		379
	($18,601	)	$23,871		$14,110
Total provision for income taxes	($27,523	)	$32,582		$21,022

Schedule of Components of Deferred Income Tax Expense/(Benefit)

(in thousands)	2012			2011			2010
Net effect of temporary differences		$(7,557	)		$1,593			$12,035
Foreign tax credits		9,468			(5,668	)		(14,262	)
Postretirement benefits		(18,337	)		5,119			3,216
Net impact to operating loss carryforwards		1,240			3,258			26,341
Enacted changes in tax laws and rates		(973	)		115			324
Adjustments to beginning-of-the-year valuation
allowance balance for changes in circumstances		(2,442	)		22,798			-
Changes in tax status		-			(3,344	)		(161	)
Recognition of deferred gain on extinguished debt		-			-			(13,383	)
Total		$(18,601	)		$23,871			$14,110

Reconciliation of the U.S. Federal Statutory Tax Rate to the Company's Effective Income Tax Rate

	2012			2011			2010
U.S. federal statutory tax rate		35.0	%		35.0	%		35.0	%
State taxes, net of federal benefit		3.5			0.3			3.3
Non-U.S. local income taxes		0.5			0.4			0.8
Foreign rate differential		(1.7	)		(14.3	)		(28.2	)
U.S. tax on non-U.S. earnings and foreign withholdings		(1.2	)		12.8			7.7
Provision for/resolution of beginning of year tax contingencies		4.0			0.5			0.0
Net Change in valuation allowances		(3.7	)		42.1			14.5
Change in tax status		-			(6.2	)		(0.3	)
Adjustment to correct prior year error		-			(6.4	)		-
Officers life insurance		-			-			17.4
Other		3.9			(3.7	)		(6.7	)
Effective income tax rate		40.3	%		60.5	%		43.5	%

Schedule of Deferred Tax Assets and Liabilities

		U.S.				Non-U.S.
	2012	2011		2012		2011
(in thousands)
Current deferred tax assets:
Accounts receivable	$1,733	$1,713		$2,437		$2,279
Inventories	1,589	3,049		2,052		1,919
Tax credit carryforwards	3,000	-		-		-
Other	3,413	3,815		6,370		7,351
Total current deferred tax assets	9,735	8,577		10,859		11,549
Noncurrent deferred tax assets:
Deferred compensation	5,668	5,420		-		-
Depreciation and amortization	5,004	-		2,958		2,502
Postretirement benefits	38,632	45,547		4,480		8,984
Tax loss carryforwards	1,032	2,002		78,968		70,510
Tax credit carryforwards	24,504	36,868		1,561		3,980
Other	4,119	5,469		557		259
Noncurrent deferred tax assets
before valuation allowance	78,959	95,306		88,524		86,235
Less: valuation allowance	-	(739	)	(60,348	)	(62,674	)
Total noncurrent deferred tax assets	78,959	94,567		28,176		23,561
Total deferred tax assets	$88,694	$103,144		$39,035		$35,110
Current deferred tax liabilities:
Unrepatriated foreign earnings	$1,521	$3,672		$ -		$ -
Inventories	-	-		1,383		1,514
Other	-	-		12		215
Total current deferred tax liabilities	1,521	3,672		1,395		1,729
Noncurrent deferred tax liabilities:
Depreciation and amortization	15,296	17,139		10,106		10,953
Postretirement benefits	-	-		4,726		1,854
Branch losses subject to recapture	-	-		12,959		14,176
Other	68	471		2,473		-
Total noncurrent deferred tax liabilities	15,364	17,610		30,264		26,983
Total deferred tax liabilities	16,885	21,282		31,659		28,712
Net deferred tax asset	$71,809	$81,862		$7,376		$6,398

Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits

(in thousands)	2012		2011		2010
Unrecognized tax benefits balance at January 1	$27,053		$23,467		$22,513
Increase in gross amounts of tax positions related to prior years	9,454		8,040		23
Decrease in gross amounts of tax positions related to prior years	-		(37	)	(690	)
Increase in gross amounts of tax positions related to current year	381		1,005		1,043
Decrease due to settlements with tax authorities	(13,099	)	(4,576	)	-
Decrease due to lapse in statute of limitations	(20	)	-		(76	)
Currency translation	617		(846	)	654
Unrecognized tax benefits balance at December 31	$24,386		$27,053		$23,467

Schedule of Current Income Taxes Receivable and Deferred

(in thousands)	2012	2011
Income taxes receivable	$ -	$9,884
Deferred income taxes	20,594	20,126
Total current income taxes receivable and deferred	$20,594	$30,010

Schedule of Non-Current Income Taxes Receivable and Deferred

(in thousands)	2012	2011
Income taxes receivable	$16,751	$16,516
Deferred income taxes	107,135	118,128
Total noncurrent deferred taxes and taxes receivable	$123,886	$134,644

Schedule of Current Taxes Payable and Deferred

(in thousands)	2012	2011
Taxes payable	$10,636	$3,365
Deferred income taxes	2,916	5,401
Total current income taxes payable and deferred	$13,552	$8,766