Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax (Benefit)/Expense

The following tables present components of income tax expense/(benefit) and income before income taxes on continuing operations:

(in thousands)	2016		2015		2014
Income tax based on income from continuing operations, at estimated tax rates of 35%, 32%, and 34%, respectively	$27,629		$16,388		$25,703
Pension plan settlements	-		-		(3,194	)
Income tax before discrete items	27,629		16,388		22,509
Discrete tax expense/(benefit):
Worthless Stock deduction	-		(28,553	)	-
Repatriation of non-U.S. prior years' earnings	-		-		2,210
Provision for/resolution of tax audits and contingencies, net	(2,856	)	6,500		744
Adjustments to prior period tax liabilities	769		(867	)	397
Provision for/adjustment to beginning of year valuation allowances	(88	)	75		(109	)
Enacted tax legislation	-		670		-
Total income tax expense/(benefit)	$25,454		($5,787	)	$25,751

Schedule of Income/(Loss) From Continuing Operations

(in thousands)	2016		2015		2014
Income/(loss) before income taxes:
U.S.	$8,556		($7,211	)	$4,993
Non-U.S.	69,710		58,689		62,507
	$78,266		$51,478		$67,500
Income tax provision:
Current:
Federal	$3,728		$-		$1,874
State	176		1,993		1,102
Non-U.S.	19,979		20,842		17,474
	$23,883		$22,835		$20,450
Deferred:
Federal	$2,138		($34,135	)	($1,707	)
State	1,984		(40	)	(495	)
Non-U.S.	(2,551	)	5,553		7,503
	$1,571		($28,622	)	$5,301
Total income tax expense/(benefit)	$25,454		($5,787	)	$25,751

Schedule of significant components of deferred income tax expense/(benefit)

The significant components of deferred income tax expense/(benefit) are as follows:

(in thousands)	2016		2015		2014
Net effect of temporary differences	$7,214		($7,615	)	($1,667	)
Foreign tax credits	(6,869	)	(17,874	)	(481	)
Retirement benefits	1,734		1,844		1,438
Net impact to operating loss carryforwards	(603	)	(5,722	)	6,120
Enacted changes in tax laws and rates	183		670		-
Adjustments to beginning-of-the-year valuation
allowance balance for changes in circumstances	(88	)	75		(109	)
Total	$1,571		($28,622	)	$5,301

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

A reconciliation of the U.S. federal statutory tax rate to the Company’s effective income tax rate is as follows:

	2016		2015		2014
U.S. federal statutory tax rate	35.0	%	35.0	%	35.0	%
State taxes, net of federal benefit	2.3		2.4		1.7
Non-U.S. local income taxes	3.5		4.1		4.0
Foreign adjustments	1.6		7.4		3.7
Foreign rate differential	(11.3	)	(13.6	)	(13.9	)
Net U.S. tax on non-U.S. earnings and foreign withholdings	5.8		(1.8	)	8.0
Provision for/resolution of tax audits and contingencies, net	(3.4	)	12.6		1.0
Research and development and other tax credits	(1.2	)	(2.4	)	(1.6	)
Adjustment to beginning of year valuation allowances	(0.1	)	0.1		(0.2	)
Worthless stock deduction	-		(55.5	)	-
Other	0.3		0.5		0.4
Effective income tax rate	32.5	%	(11.2	)%	38.1	%

Schedule of Deferred Tax Assets and Liabilities

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

	U.S.		Non-U.S.
	2016	2015	2016		2015
(in thousands)
Noncurrent deferred tax assets:
Accounts receivable	$1,155	$1,392	$1,381		$1,304
Inventories	1,193	897	1,868		1,750
Deferred compensation	7,533	6,714	-		-
Depreciation and amortization	2,786	10,323	5,030		4,882
Postretirement benefits	26,602	26,475	3,478		4,138
Tax loss carryforwards	1,760	2,682	26,084		27,134
Tax credit carryforwards	50,624	42,851	1,186		1,740
Other	7,828	10,222	2,876		3,503
Noncurrent deferred tax assets
before valuation allowance	99,481	101,556	41,903		44,451
Less: valuation allowance	-	-	(22,821	)	(24,439	)
Total noncurrent deferred tax assets	99,481	101,556	19,082		20,012
Total deferred tax assets	$99,481	$101,556	$19,082		$20,012
Noncurrent deferred tax liabilities:
Unrepatriated foreign earnings	$1,602	$1,157	$-		$-
Depreciation and amortization	43,156	10,309	2,466		3,174
Postretirement benefits	-	-	1,411		2,003
Deferred gain	7,156	7,559	-		-
Branch losses subject to recapture	-	-	-		918
Other	2,198	-	2,897		3,245
Total deferred tax liabilities	$54,112	19,025	$6,774		9,340
Net deferred tax asset	$45,369	$82,531	$12,308		$10,672

Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits

The following table provides a reconciliation of the beginning and ending amount of unrecognized tax benefits, all of which, if recognized, would impact the effective tax rate.

(in thousands)	2016		2015		2014
Unrecognized tax benefits balance at January 1	$19,606		$19,509		$12,538
Increase in gross amounts of tax positions related to prior years	62		2,315		14,699
Decrease in gross amounts of tax positions related to prior years	(2,129	)	(145	)	(67	)
Increase in gross amounts of tax positions related to current year	585		79		1,077
Decrease due to settlements with tax authorities	(14,029	)	(42	)	(32	)
Decrease due to lapse in statute of limitations	(163	)	(90	)	(6,775	)
Currency translation	251		(2,020	)	(1,931	)
Unrecognized tax benefits balance at December 31	$4,183		$19,606		$19,509

Schedule of Current Income Taxes Prepaid and Deferred

As of December 31, 2016 and 2015, current income taxes prepaid and receivable consisted of the following:

(in thousands)	2016	2015
Prepaid taxes	$3,914	$2,417
Taxes receivable	1,299	510
Total current income taxes prepaid and receivable	$5,213	$2,927

Schedule of Non-Current Income Taxes Receivable and Deferred

As of December 31, 2016 and 2015, noncurrent income taxes receivable and deferred consisted of the following:

(in thousands)	2016	2015
Deferred income taxes	$68,865	$105,792
Taxes receivable	-	3,153
Total noncurrent income taxes receivable and deferred	$68,865	$108,945

Schedule of Current Income Taxes Payable and Deferred

As of December 31, 2016 and 2015, current income taxes payable consisted of the following:

(in thousands)	2016	2015
Taxes Payable	$9,531	$7,090
Total current income taxes payable	$9,531	$7,090

Schedule of Noncurrent Deferred Taxes and Other Liabilities

As of December 31, 2016 and 2015, noncurrent deferred taxes and other liabilities consisted of the following:

(in thousands)	2016	2015
Deferred income taxes	$11,188	$12,589
Other liabilities	1,201	1,565
Total noncurrent deferred taxes and other liabilities	$12,389	$14,154