Income Taxes Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

In 2014, 2013, and 2012, the significant components of income tax expense consisted of the following (in thousands of dollars):

	2014			2013			2012
Income before taxes:
Domestic	$	21,976		$	45,093		$	36,060
Foreign	171,045			140,600			123,376
Total	$	193,021		$	185,693		$	159,436
Income tax expense—current:
Domestic	$	22,220		$	8,131		$	21,536
State and local	6,946			8,301			1,020
Foreign	37,762			29,602			29,775
Sub-total	66,928			46,034			52,331
Income tax expense (benefit)—deferred:
Domestic	5,406			2,543			800
State and local	6,314			(241		)	(2,016		)
Foreign	(2,887		)	7,366			280
Sub-total	8,833			9,668			(936		)
Total	$	75,761		$	55,702		$	51,395

Schedule of Deferred Tax Assets and Liabilities

As of December 31, 2014 and 2013, the components of Deferred Tax Assets and Deferred Tax Liabilities consisted of the following (in thousands of dollars):

December 31	2014			2013
Deferred Tax Assets:
Asset provisions and liabilities	$	10,452		$	13,658
Inventory writedowns	8,756			6,235
Tax loss and credit carryforwards	2,748			19,215
Difference between book and tax basis of depreciable and amortizable assets	18,737			21,093
Share-based payments and deferred compensation	36,494			37,737
Sub-total	77,187			97,938
Valuation allowance	(2,224		)	(3,227		)
Total deferred tax assets	74,963			94,711
Deferred Tax Liabilities:
Difference between book and tax basis of other assets and liabilities	3,323			6,664
Pension obligations	3,921			4,391
Basis differences in equity method investments	3,884			4,745
Undistributed earnings of foreign subsidiaries	16,432			26,462
Total deferred tax liabilities	27,560			42,262
Total	$	47,403		$	52,449

Schedule of Effective Income Tax Rate Reconciliation

In 2014, 2013, and 2012, the effective income tax rate varied from the statutory tax rate as follows:

	2014		2013		2012
Statutory federal income tax rate	35.0	%	35.0	%	35.0	%
State and local taxes, net of federal tax benefit	2.5	%	2.8	%	(0.1	%)
Foreign taxes at rates different from U.S. rates	(13.5	%)	(11.1	%)	(9.7	%)
Tax effect of undistributed earnings of foreign subsidiaries	9.6	%	11.0	%	0.0	%
Deemed income from foreign subsidiaries, net	3.0	%	2.2	%	2.8	%
Valuation allowance	(0.2	%)	(4.5	%)	2.6	%
Effect of enacted tax legislation	2.0	%	0.1	%	0.0	%
Worthless stock deduction	0.0	%	(3.7	%)	0.0	%
Other	0.8	%	(1.8	%)	1.6	%
Effective income tax rate	39.2	%	30.0	%	32.2	%