Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Income Taxes [Abstract]

Provision for taxes on income

The provisions for taxes on income and the related income before taxes for the years ended December 31, 2012, 2011 and 2010, were as follows:

(In thousands)	2012			2011			2010
Taxes on Income
Federal
Current	$	23,744		$	16,901		$	17,706
Deferred		(525	)		4,894			4,020
State
Current		1,999			3,677			2,327
Deferred		(537	)		174			453
Foreign
Current		10,158			6,658			10,490
Deferred		1,196			(12	)		892
Total	$	36,035		$	32,292		$	35,888
Income before Taxes
Domestic	$	80,371		$	83,333		$	65,690
Foreign		35,351			21,561			35,789
Total	$	115,722		$	104,894		$	101,479

Summary of variations between the effective and statutory U.S. federal income tax rates

The variations between the effective and statutory U.S. federal income tax rates are summarized as follows:

(In thousands)	2012 Amount			%			2011 Amount			%			2010 Amount			%
Federal income tax provision at statutory tax rate	$	40,503			35.0		$	36,713			35.0		$	35,518			35.0
State tax provision on income less applicable federal tax benefit		1,470			1.3			2,413			2.3			1,807			1.8
Foreign income taxed at different rates		(1,172	)		(1.0	)		(900	)		(0.9	)		(1,144	)		(1.1	)
Effect of equity in foreign joint venture		—			—			—			—			954			0.9
Repatriation of foreign earnings		24			—			—			—			543			0.5
Domestic production activities deduction		(1,446	)		(1.2	)		(1,339	)		(1.3	)		(1,446	)		(1.4	)
Nontaxable foreign interest income		(2,690	)		(2.3	)		(2,719	)		(2.6	)		(81	)		(0.1	)
U.S. tax credits		—			—			(1,482	)		(1.4	)		(969	)		(1.0	)
Non-deductible expenses and other items, net		(654	)		(0.7	)		(394	)		(0.3	)		706			0.8
Total income tax provision	$	36,035			31.1		$	32,292			30.8		$	35,888			35.4

Tax effects of significant temporary differences representing deferred tax assets and liabilities

At December 31, 2012 and 2011, the tax effects of significant temporary differences representing deferred tax assets and liabilities were as follows:

(In thousands)	2012			2011
Deferred Tax Assets:
Pensions	$	15,148		$	14,442
Deferred revenue		718			139
Other accruals and reserves		10,979			11,735
Inventories		496			217
Legal and environmental accruals		6,463			6,679
Deferred compensation		17,461			14,347
Bad debt and rebate reserves		2,884			3,353
Subsidiaries net operating loss carryforwards		1,390			1,991
Tax credit carryforwards		532			31
	$	56,071		$	52,934
Deferred Tax Liabilities:
Depreciation	$	(50,011	)	$	(47,218	)
Amortization of intangibles		(456	)		(829	)
Unrealized foreign exchange loss		(602	)		(1,049	)
Other		(918	)		(640	)
	$	(51,987	)	$	(49,736	)
Valuation Allowance	$	(603	)	$	(742	)
Net Deferred Tax Assets	$	3,481		$	2,456
Reconciliation to Consolidated Balance Sheet:
Current deferred tax assets	$	9,876		$	8,769
Non-current deferred tax assets (in other non-current assets)		2,805			2,331
Non-current deferred tax liabilities		(9,200	)		(8,644	)
Net Deferred Tax Assets	$	3,481		$	2,456

Reconciliations of unrecognized tax benefits

Below are reconciliations of the January 1 and December 31 balances of unrecognized tax benefits for 2012, 2011 and 2010:

(In thousands)	2012			2011			2010
Unrecognized tax benefits, opening balance	$	1,232		$	1,902		$	2,052
Gross increases – tax positions in prior period		—			—			—
Gross decreases – tax positions in prior period		(569	)		(795	)		(90	)
Gross increases – current period tax positions		44			213			152
Settlements		—			(38	)		—
Foreign currency translation		23			(8	)		(16	)
Lapse of statute of limitations		(441	)		(42	)		(196	)
Unrecognized tax benefits, ending balance	$	289		$	1,232		$	1,902