Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Schedule Of U.S. And Non-U.S. Components Of Income (Loss) Before Provision (Benefit) For Income Taxes

The following table summarizes the U.S. and non-U.S. components of income (loss) before provision (benefit) for income taxes:



	For the Year Ended December 31,
	2012		2013			2014
	(Dollars in thousands)
U.S.	$	29,422	$	8,495		$	(255,043	)
Non-U.S.	105,065		(48,597		)	(39,749		)
	$	134,487	$	(40,102	)	$	(294,792	)

Schedule Of Income Tax Expense (Benefit)

Income tax expense (benefit) consists of the following:



	For the Year Ended December 31,
	2012			2013			2014
	(Dollars in thousands)
U.S income taxes:
Current	$	(6,529	)	$	4,104		$	(1,762	)
Deferred	4,543			(5,652		)	(537		)
	(1,986		)	(1,548		)	(2,299		)
Non-U.S. income taxes:
Current	12,371			5,422			8,349
Deferred	6,461			(16,717		)	(15,466		)
	18,832			(11,295		)	(7,117		)
Total income tax expense (benefit)	$	16,846		$	(12,843	)	$	(9,416	)

Schedule Of Income Tax Expense (Benefit) Computed By Applying The U.S. Federal Income Tax Rate

Income tax expense (benefit) differed from the amounts computed by applying the U.S. federal income tax rate of 35% to income before provision (benefit) for income taxes as set forth in the following table:



	For the Year Ended December 31,
	2012			2013			2014
	(Dollars in thousands)
Tax at statutory U.S. federal rate	$	47,071		$	(14,036	)	$	(103,177	)
U.S. valuation allowance, net	(1,800		)	(700		)	73,350
State taxes, net of federal tax benefit	593			(371		)	(4,387		)
U.S. tax return adjustments to estimated taxes	588			(1,032		)	(368		)
Establishment (resolution) of uncertain tax positions	(8,118		)	(752		)	(513		)
Adjustment for foreign income taxed at different rates	(15,553		)	6,832			7,376
U.S. tax credits	(2,200		)	(2,577		)	(1,000		)
Non-U.S. tax exemptions, holidays and credits	(4,259		)	—			—
Goodwill impairment	—			—			17,161
Capital loss expiration	—			—			2,422
Other	524			(207		)	(280		)
Total income tax (benefit) expense	$	16,846		$	(12,843	)	$	(9,416	)

Schedule Of Deferred Tax Assets And Deferred Tax Liabilities

The tax effects of temporary differences that give rise to significant components of the deferred tax assets and deferred tax liabilities at December 31, 2013, and December 31, 2014 are set forth in the following table:



	At December 31,
	2013			2014
	(Dollars in thousands)
Deferred tax assets:
Postretirement and other employee benefits	$	41,604		$	43,204
Foreign tax credit and other carryforwards	46,283			64,214
Capitalized research and experimental costs	20,243			23,446
Environmental reserves	3,503			3,366
Inventory adjustments	16,255			19,568
Capital loss	2,697			272
Long-term contract option amortization	—			2,214
Provision for rationalization charges	17,410			17,255
Other	5,889			6,288
Total gross deferred tax assets	153,884			179,827
Less: valuation allowance	(20,411		)	(95,721		)
Total deferred tax assets	133,473			84,106
Deferred tax liabilities:
Fixed assets	$	109,824		$	59,292
Debt discount amortization	6,620			3,301
Inventory	9,212			6,865
Goodwill and acquired intangibles	10,813			1,046
Other	2,204			3,761
Total deferred tax liabilities	138,673			74,265
Net deferred tax (liability) asset	$	(5,200	)	$	9,841

Schedule Of Valuation Allowance Activity

Valuation allowance activity for the years ended December 31, 2012, 2013 and 2014 is as follows:



	For the year ended December 31,
	2012			2013			2014
	(Dollars in thousands)
Balance at January 1	$	25,509		$	26,312		$	20,411
(Credited) / charged to income	(1,800		)	(614		)	74,157
Translation adjustment	(52		)	(746		)	(800		)
Changes attributable to movement in underlying assets	2,655			(4,541		)	1,953
Balance at December 31	$	26,312		$	20,411		$	95,721

Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:



	As of December 31,
	2012			2013			2014
	(Dollars in thousands)
Balance at January 1	$	16,788		$	9,769		$	7,203
Additions based on tax positions related to the current year	90			881			268
Additions for tax positions of prior years	4,643			323			232
Reductions for tax positions of prior years	(11,019		)	(2,779		)	(1,204		)
Lapse of statutes of limitations	(163		)	—			(1,180		)
Settlements	(576		)	(988		)	(1,503		)
Foreign currency impact	6			(3		)	(106		)
Balance at December 31	$	9,769		$	7,203		$	3,710