Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

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, 2015, 2014 and 2013, were as follows:

(In thousands)	2015			2014		2013
Taxes on Income
Federal
Current	$	7,697		$	3,362	$	9,744
Deferred		3,890			4,338		(285	)
State
Current		1,559			782		1,223
Deferred		(225	)		643		(680	)
Foreign
Current		14,562			9,004		12,067
Deferred		(664	)		325		1,224
Total	$	26,819		$	18,454	$	23,293
Income before Taxes
Domestic	$	48,721		$	34,091	$	50,626
Foreign		54,135			41,444		45,004
Total	$	102,856		$	75,535	$	95,630

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)	2015 Amount			%			2014 Amount			%			2013 Amount			%
Federal income tax provision at statutory tax rate	$	36,000			35.0		$	26,437			35.0		$	33,471			35.0
State tax provision on income less applicable federal tax benefit		867			0.8			926			1.2			353			0.4
Foreign income taxed at different rates^(a)		(5,060	)		(4.9	)		(5,416	)		(7.2	)		(2,474	)		(2.6	)
Unrecognized tax benefits^(a)		1,536			1.5			241			0.3			(53	)		(0.1	)
Domestic production activities deduction		(884	)		(0.9	)		(312	)		(0.4	)		(991	)		(1.0	)
Nontaxable foreign interest income		(2,106	)		(2.0	)		(2,435	)		(3.2	)		(2,614	)		(2.7	)
Nontaxable biodiesel excise credit income		—			—			(130	)		(0.2	)		(2,347	)		(2.5	)
U.S. tax credits		(3,465	)		(3.4	)		(1,086	)		(1.4	)		(2,209	)		(2.3	)
Non-deductible expenses and other items, net^(a)		(69	)		0.0			229			0.3			157			0.2
Total income tax provision	$	26,819			26.1		$	18,454			24.4		$	23,293			24.4

(a)

Certain 2014 and 2013 amounts have been reclassified to conform to the current year presentation.

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

At December 31, 2015 and 2014, the tax effects of significant temporary differences representing deferred tax assets and liabilities were as follows. Note that in the fourth quarter of 2015, the Company early-adopted ASU No. 2015-17, Income Taxes (Topic 740), Balance Sheet Classification of Deferred Taxes. The Company adopted the new guidance on a prospective basis, and as a result, the classifications of prior year amounts were not changed from those previously reported:

(In thousands)	2015			2014
Deferred Tax Liabilities:
Depreciation	$	(69,975	)	$	(63,104	)
Unrealized foreign exchange loss		(614	)		(838	)
Other		(950	)		(1,159	)
	$	(71,539	)	$	(65,101	)
Deferred Tax Assets:
Pensions	$	16,698		$	18,775
Deferred revenue		1,377			1,650
Other accruals and reserves		17,171			13,230
Inventories		1,833			1,957
Legal and environmental accruals		9,303			9,505
Deferred compensation		17,828			15,636
Bad debt and rebate reserves		3,685			4,618
Subsidiaries net operating loss carryforwards		602			727
Tax credit carryforwards		1,120			2,064
	$	69,617		$	68,162
Valuation Allowance	$	(1,443	)	$	(1,506	)
Net Deferred Tax (Liabilities) Assets	$	(3,365	)	$	1,555
Reconciliation to Consolidated Balance Sheet:
Current deferred tax assets	$	—		$	15,364
Non-current deferred tax assets (in other non-current assets)		6,090			2,044
Current deferred tax liabilities (in accrued liabilities)		—			(49	)
Non-current deferred tax liabilities		(9,455	)		(15,804	)
Net Deferred Tax (Liabilities) Assets	$	(3,365	)	$	1,555

Schedule of Reconciliations of Unrecognized Tax Benefits

Below are reconciliations of the January 1 and December 31 balances of unrecognized tax benefits for 2015, 2014 and 2013:

(In thousands)	2015			2014			2013
Unrecognized tax benefits, opening balance	$	464		$	240		$	289
Gross increases – tax positions in prior period		1,526			—			27
Gross decreases – tax positions in prior period		—			—			(41	)
Gross increases – current period tax positions		29			261			17
Foreign currency translation		(37	)		(13	)		5
Lapse of statute of limitations		(24	)		(24	)		(57	)
Unrecognized tax benefits, ending balance	$	1,958		$	464		$	240