Income Taxes (Tables)

12 Months Ended

Dec. 31, 2011

Income Tax Disclosure [Abstract]

Income (loss) from continuing operations before provision (benefit) for taxes and discontinued operations by domestic and foreign source

     Income (loss) from continuing operations before provision (benefit) for taxes and discontinued operations by domestic and foreign source is as follows:

Thousands of Dollars		2011		2010		2009
Domestic	$	46,950	$	49,484	$	(29,766	)
Foreign		50,790		49,365		6,626
Income (loss) from continuing operations  before   provision (benefit) for income taxes	$	97,740	$	98,849	$	(23,140	)
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Provision (benefit) for taxes on income

The provision (benefit) for taxes on income consists of the following:

Thousands of Dollars				2011			2010		2009
Domestic
Taxes currently payable
	Federal		$	11,793		$	12,287	$	7,628
	State and local			2,145			1,861		68
Deferred income taxes				(1,886	)		411		(23,722	)
	Domestic tax provision (benefit)			12,052			14,559		(16,026	)
Foreign
Taxes currently payable				12,298			13,043		10,906
Deferred income taxes				3,136			1,361		(267	)
	Foreign tax provision			15,433			14,404		10,639
		Total tax provision (benefit)	$	27,486		$	28,963	$	(5,387)

Reconciliation of statutory federal tax rate to effective federal tax rate

    The major elements contributing to the difference between the U.S. federal statutory tax rate and the consolidated effective tax rate are as follows:

Percentages		2011		2010		2009
U.S. statutory tax rate		35.0	%	35.0	%	(35.0	)	%
Depletion		(4.1	)	(3.8	)	(13.9	)
Difference between tax provided on foreign earnings
	and the U.S. statutory rate	(1.0	)	(3.1	)	4.3
Change in Mexican law............		(0.2	)	0.3		6.4
State and local taxes, net of Federal tax benefit		1.2		1.2		(12.1	)
Tax credits and foreign dividends		(0.1	)	(0.1	)	(1.4	)
Change in valuation allowance		(1.2	)	(0.1	)	27.0
Impact of uncertain tax positions.........		(2.8	)	(1.5	)	0.1
Other		1.3		1.4		1.3
Consolidated effective tax rate		28.1	%	29.3	%	(23.3	)	%

Deferred tax assets and liabilities

     The Company believes that its accrued liabilities are sufficient to cover its U.S. and foreign tax contingencies.  The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below:

Thousands of Dollars		2011			2010
Deferred tax assets:
Accrued expenses	$	9,752		$	13,890
Net operating loss carry forwards		11,083			10,725
Pension and post-retirement benefits costs		40,584			19,857
Other		11,163			10,990
Valuation allowance.		(6,860	)		(6,276	)
Total deferred tax assets	$	65,722		$	49,186

Thousands of Dollars		2011			2010
Deferred tax liabilities:
Plant and equipment, principally due to differences in depreciation	$	4,832		$	6,203
Intangible assets		11,387			10,527
Mexican tax recapture		1,021			1,549
Other		4,067			2,000
Total deferred tax liabilities		21,307			20,279
Net deferred tax assets	$	(44,415	)	$	(28,907	)

     The current and long-term portion of net deferred tax assets is as follows:

Thousands of Dollars		2011			2010
Net deferred tax assets, current	$	(4,903	)	$	(8,378	)
Net deferred assets, long term		(39,512	)		(20,529	)
	$	(44,415	)	$	(28,907	)

Activity related to unrecognized tax benefits

   The following table summarizes the activity related to our unrecognized tax benefits:

(Thousands of Dollars)		2011			2010
Balance as of January 1, 2011	$	6,473		$	8,496
Increases related to current year positions		563			329
Decreases  related to new judgments		(373	)		--
Decreases related to audit settlements and statute expirations		(2,751	)		(2,234	)
Other		--			(118	)
Balance as of December 31, 2011	$	3,912		$	6,473