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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2014
Income Tax Disclosure [Abstract]  
Schedule of Provision for Taxes on Income and Other Related Income Before Taxes

The provisions for taxes on income and the related income before taxes for the years ended December 31, 2014, 2013 and 2012, were as follows:

 

(In thousands)

  

2014

 

  

2013

 

 

2012

 

Taxes on Income

  

 

 

 

  

 

 

 

 

 

 

 

Federal

  

 

 

 

  

 

 

 

 

 

 

 

Current

  

$

3,362

  

  

$

9,744

  

 

$

23,744

  

Deferred

  

 

4,338

  

  

 

(285

 

 

(525

State

  

 

 

 

  

 

 

 

 

 

 

 

Current

  

 

782

  

  

 

1,223

  

 

 

1,999

  

Deferred

  

 

643

  

  

 

(680

 

 

(537

Foreign

  

 

 

 

  

 

 

 

 

 

 

 

Current

  

 

9,004

  

  

 

12,067

  

 

 

10,158

  

Deferred

  

 

325

  

  

 

1,224

  

 

 

1,196

  

Total

  

$

18,454

  

  

$

23,293

  

 

$

36,035

  

Income before Taxes

  

 

 

 

  

 

 

 

 

 

 

 

Domestic

  

$

34,091

  

  

$

50,626

  

 

$

80,371

  

Foreign

  

 

41,444

  

  

 

45,004

  

 

 

35,351

  

Total

  

$

75,535

  

  

$

95,630

  

 

$

115,722

  

 

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)

  

2014
Amount

 

  

%

 

  

2013
Amount

 

 

%

 

 

2012
Amount

 

 

%

 

Federal income tax provision at statutory tax rate

  

$

26,437

  

  

 

35.0

  

  

$

33,471

  

 

 

35.0

  

 

$

40,503

  

 

 

35.0

  

State tax provision on income less applicable federal tax benefit

  

 

926

  

  

 

1.2

  

  

 

353

  

 

 

0.4

  

 

 

1,470

  

 

 

1.3

  

Foreign income taxed at different rates

  

 

(5,175

)  

  

 

(6.9

)  

  

 

(2,509

 

 

(2.6

 

 

(1,172

 

 

(1.0

Repatriation of foreign earnings

  

 

83

  

  

 

0.1

  

  

 

146

  

 

 

0.2

  

 

 

24

  

 

 

  

Domestic production activities deduction

  

 

(312

)  

  

 

(0.4

)  

  

 

(991

 

 

(1.0

 

 

(1,446

 

 

(1.2

Nontaxable foreign interest income

  

 

(2,435

)  

  

 

(3.2

)  

  

 

(2,614

 

 

(2.7

 

 

(2,690

 

 

(2.3

Nontaxable biodiesel excise credit income

  

 

(130

)  

  

 

(0.2

)  

  

 

(2,347

 

 

(2.5

 

 

  

 

 

  

U.S. tax credits

  

 

(1,086

)  

  

 

(1.4

)  

  

 

(2,209

 

 

(2.3

 

 

  

 

 

  

Non-deductible expenses and other items, net

  

 

146

  

  

 

0.2

  

  

 

(7

 

 

(0.1

 

 

(654

 

 

(0.7

Total income tax provision

  

$

18,454

  

  

 

24.4

  

  

$

23,293

  

 

 

24.4

  

 

$

36,035

  

 

 

31.1

  

 

Schedule Showing Tax Effects of Significant Temporary Differences Representing Deferred Tax Assets and Liabilities

At December 31, 2014 and 2013, the tax effects of significant temporary differences representing deferred tax assets and liabilities were as follows:

 

(In thousands)

  

2014

 

  

2013

 

 

 

 

 

 

 

 

 

 

Deferred Tax Liabilities:

  

 

 

 

  

 

 

 

Depreciation

  

$

(63,104

)  

  

$

(57,113

Amortization of intangibles

  

 

  

  

 

(49

Unrealized foreign exchange loss

  

 

(838

)  

  

 

(910

Other

  

 

(1,159

)  

  

 

(823

 

  

$

(65,101

)  

  

$

(58,895

 

 

 

 

 

 

 

 

 

Deferred Tax Assets:

  

 

 

 

  

 

 

 

Pensions

  

$

18,775

  

  

$

5,640

  

Deferred revenue

  

 

1,650

  

  

 

3,058

  

Other accruals and reserves

  

 

13,230

  

  

 

12,061

  

Inventories

  

 

1,957

  

  

 

1,158

  

Legal and environmental accruals

  

 

9,505

  

  

 

6,594

  

Deferred compensation

  

 

15,636

  

  

 

20,510

  

Bad debt and rebate reserves

  

 

4,618

  

  

 

3,018

  

Subsidiaries net operating loss carryforwards

  

 

727

  

  

 

899

  

Tax credit carryforwards

  

 

2,064

  

  

 

915

  

 

  

$

68,162

  

  

$

53,853

  

 

 

 

 

 

 

 

 

 

Valuation Allowance

  

$

(1,506

)  

  

$

(1,302

 

 

 

 

 

 

 

 

 

Net Deferred Tax (Liabilities) Assets

  

$

1,555

  

  

$

(6,344

 

 

 

 

 

 

 

 

 

Reconciliation to Consolidated Balance Sheet:

  

 

 

 

  

 

 

 

Current deferred tax assets

  

$

15,364

  

  

$

12,637

  

Non-current deferred tax assets (in other non-current assets)

  

 

2,044

  

  

 

1,658

  

Current deferred tax liabilities (in accrued liabilities)

  

 

(49

)  

  

 

(23

Non-current deferred tax liabilities

  

 

(15,804

)  

  

 

(20,616

Net Deferred Tax (Liabilities) Assets

  

$

1,555

  

  

$

(6,344

 

Schedule of Reconciliations of Unrecognized Tax Benefits

Below are reconciliations of the January 1 and December 31 balances of unrecognized tax benefits for 2014, 2013 and 2012:

 

(In thousands)

  

2014

 

  

2013

 

 

2012

 

Unrecognized tax benefits, opening balance

  

$

240

  

  

$

289

  

 

$

1,232

  

Gross increases – tax positions in prior period

  

 

  

  

 

27

  

 

 

  

Gross decreases – tax positions in prior period

  

 

  

  

 

(41

 

 

(569

Gross increases – current period tax positions

  

 

261

  

  

 

17

  

 

 

44

  

Settlements

  

 

  

  

 

  

 

 

  

Foreign currency translation

  

 

(13

)  

  

 

5

  

 

 

23

  

Lapse of statute of limitations

  

 

(24

)  

  

 

(57

 

 

(441

Unrecognized tax benefits, ending balance

  

$

464

  

  

$

240

  

 

$

289