Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

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

     Income from operations before provision for taxes by domestic and foreign source is as follows:

Millions of Dollars		2013		2012		2011
Domestic	$	66.6	$	56.9	$	47.0
Foreign		57.1		53.7		54.5
Income from operations  before provision for      income taxes	$	123.7	$	110.6	$	101.5

Provision (benefit) for taxes on income

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

Millions of Dollars				2013		2012			2011
Domestic
Taxes currently payable
	Federal		$	13.7	$	14.9		$	11.8
	State and local			2.6		1.3			2.2
Deferred income taxes				2.5		3.2			(1.9	)
	Domestic tax provision			18.8		19.4			12.1
Foreign
Taxes currently payable				13.8		14.3			13.1
Deferred income taxes				1.9		(1.8	)		3.5
	Foreign tax provision			15.7		12.5			16.6
		Total tax provision	$	34.5	$	31.9		$	28.7

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		2013		2012		2011
U.S. statutory tax rate		35.0	%	35.0	%	35.0	%
Depletion		(3.6	)	(3.8	)	(4.0	)
Difference between tax provided on foreign earnings
	and the U.S. statutory rate	(3.6	)	(4.0	)	(1.0	)
State and local taxes, net of Federal tax benefit		1.7		1.5		1.2
Tax credits and foreign dividends		(1.7	)	(0.1	)	(0.1	)
Change in valuation allowance		0.3		(1.1	)	(1.2	)
Impact of uncertain tax positions…………………….		(0.6	)	0.9		(2.7	)
Impact of officer's non-deductible compensation		2.3		2.1		2.9
Other		(1.9	)	(1.6	)	(1.8	)
Consolidated effective tax rate		27.9	%	28.9	%	28.3	%

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:

Millions of Dollars		2013		2012
Deferred tax assets:
Accrued expenses	$	9.4	$	12.2
Net operating loss carry forwards		9.6		11.4
Pension and post-retirement benefits costs		21.6		43.8
Other		14.3		12.9
Valuation allowance.		(5.9)		(5.7)
Total deferred tax assets	$	49.0	$	74.6

Millions of Dollars		2013		2012
Deferred tax liabilities:
Plant and equipment, principally due to differences in depreciation	$	14.3	$	10.3
Intangible assets		13.3		12.4
Other		1.6		4.4
Total deferred tax liabilities		29.2		27.1
Net deferred tax assets	$	19.8	$	47.5

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

Millions of Dollars		2013		2012
Net deferred tax assets, current	$	4.0	$	6.3
Net deferred assets, long term		15.8		41.2
	$	19.8	$	47.5

Activity related to unrecognized tax benefits

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

Millions of Dollars		2013			2012
Balance as of January 1, 2013	$	4.8		$	3.9
Increases related to current year positions		0.6			0.7
Increases related to new judgments		--			0.2
Decreases related to audit settlements and statute expirations		(1.5	)		--
Other		--			--
Balance as of December 31, 2013	$	3.9		$	4.8