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Taxes | 12 Months Ended
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Dec. 31, 2013
TAXES [Abstract] |
Income Tax Disclosure | TAXES The sources of the Company’s earnings before taxes were as follows for the years ending December 31:
| 2013 |  | 2012 |  | 2011
United States | $ | 18,119 |  |  | $ | 32,296 |  |  | $ | (6,758 | )
Non-United States | 384,590 |  |  | 350,305 |  |  | 355,935 |
Earnings before taxes | $ | 402,709 |  |  | $ | 382,601 |  |  | $ | 349,177 |
The provisions for taxes consist of:
| Current |  | Deferred |  | Total
Year ended December 31, 2013: |  |  |  |  |
United States federal | $ | — |  |  | $ | 8,249 |  |  | $ | 8,249 |
State and local | 1,459 |  |  | 965 |  |  | 2,424 |
Non-United States | 86,340 |  |  | (398 | ) |  | 85,942 |
Total | $ | 87,799 |  |  | $ | 8,816 |  |  | $ | 96,615 |
Year ended December 31, 2012: |  |  |  |  |  |  |  |
United States federal | $ | — |  |  | $ | 12,341 |  |  | $ | 12,341 |
State and local | 1,372 |  |  | 87 |  |  | 1,459 |
Non-United States | 84,962 |  |  | (7,008 | ) |  | 77,954 |
Total | $ | 86,334 |  |  | $ | 5,420 |  |  | $ | 91,754 |
Year ended December 31, 2011: |  |  |  |  |  |  |  |
United States federal | $ | — |  |  | $ | (9,111 | ) |  | $ | (9,111 | )
State and local | 1,512 |  |  | (482 | ) |  | 1,030 |
Non-United States | 75,580 |  |  | 12,185 |  |  | 87,765 |
Total | $ | 77,092 |  |  | $ | 2,592 |  |  | $ | 79,684 |
The provisions for tax expense for the years ending December 31, 2013, 2012 and 2011 differed from the amounts computed by applying the United States federal income tax rate of 35% to the earnings before taxes as a result of the following:
| 2013 |  | 2012 |  | 2011
Expected tax | $ | 140,948 |  |  | $ | 133,910 |  |  | $ | 122,212 |
United States state and local income taxes, net of federal income tax benefit | 1,167 |  |  | 1,459 |  |  | 1,030 |
Change in valuation allowance | 1,178 |  |  | — |  |  | — |
Other non-United States income taxes at other than a 35% rate | (50,041 | ) |  | (44,288 | ) |  | (36,814 | )
Other, net | 3,363 |  |  | 673 |  |  | (6,744 | )
Total provision for taxes | $ | 96,615 |  |  | $ | 91,754 |  |  | $ | 79,684 |
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below at December 31, 2013:
| 2013 |  | 2012
Deferred tax assets: |  |  |  |  |
Inventory | $ | 23,957 |  |  | $ | 20,615 |
Accrued and other liabilities | 74,755 |  |  | 67,426 |
Accrued post-retirement benefit and pension costs | 48,296 |  |  | 62,980 |
Net operating loss and tax credit carryforwards | 43,939 |  |  | 39,018 |
Other | 12,832 |  |  | 17,938 |
Total deferred tax assets | 203,779 |  |  | 207,977 |
Less valuation allowance | (31,697 | ) |  | (23,177 | )
Total deferred tax assets less valuation allowance | 172,082 |  |  | 184,800 |
Deferred tax liabilities: |  |  |  |  |
Inventory | 4,155 |  |  | 3,788 |
Property, plant and equipment | 51,763 |  |  | 47,172 |
Rainin intangibles amortization | 59,889 |  |  | 54,507 |
Prepaid post-retirement benefit and pension costs | 44,049 |  |  | 39,593 |
International earnings | 10,838 |  |  | 10,458 |
Total deferred tax liabilities | 170,694 |  |  | 155,518 |
Net deferred tax (liability) asset | $ | 1,388 |  |  | $ | 29,282 |
A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:
| 2013 |  | 2012
Unrecognized tax benefits at beginning of year | $ | 17,780 |  |  | $ | 20,150 |
Increases related to current tax positions | 2,024 |  |  | 2,470 |
Increases related to prior year tax positions | 1,137 |  |  | — |
Decreases related to prior year tax positions | (362 | ) |  | (378 | )
Foreign currency translation (decreases) increases to prior year tax positions | 101 |  |  | 58 |
Decreases relating to taxing authority settlements | (393 | ) |  | (128 | )
Decreases resulting from a lapse of the applicable statute of limitations | (1,439 | ) |  | (4,392 | )
Unrecognized tax benefits at end of year | $ | 18,848 |  |  | $ | 17,780 |
Included in the balance of unrecognized tax benefits at December 31, 2013 and 2012 were $15.5 million and $14.0 million, respectively of tax benefits that if recognized, would reduce the Company’s effective tax rate. The Company recognizes accrued amounts of interest and penalties related to its uncertain tax positions as part of its income tax expense within its consolidated statement of operations. The amount of accrued interest and penalties included within other non-current liabilities within the Company’s consolidated balance sheet as of December 31, 2013 and 2012 was $1.6 million and $1.3 million, respectively. The Company believes that it is reasonably possible that the unrecognized tax benefit balance could change over the next twelve months, primarily related to potential disputes raised by the taxing authorities over income and expense recognition. An estimate of the range of these increases cannot currently be made. However, the Company does not expect a change would have a material impact on its financial position, results of operations or cash flows. The Company has recorded valuation allowances related to certain of its deferred income tax assets due to the uncertainty of the ultimate realization of future benefits from such assets. The potential decrease or increase of the valuation allowance in the near term is dependent on the future ability of the Company to realize the deferred tax assets that are affected by the future profitability of operations in various worldwide jurisdictions. The $8.5 million increase and $11.6 million decrease in the total valuation allowance during 2013 and 2012, respectively, are primarily attributable to changes in the foreign tax credit carryforward and foreign currency fluctuation differences. The deferred tax assets and valuation allowance as of December 31, 2013 do not include certain deferred tax assets that arose directly from (or the use of which was postponed by) tax deductions related to equity compensation in excess of compensation expense recorded. Shareholders' equity will be increased by $32.5 million if and when such deferred tax assets are ultimately realized. Certain adjustments have been made to prior year amounts to correct the presentation of deferred taxes in the consolidated balance sheet. In the fourth quarter of 2013, we reduced December 31, 2012 non-current deferred tax assets and non-current deferred tax liabilities by $94 million in order to offset deferred tax balances within the same jurisdiction in accordance with ASC 740 (Income Taxes). This revision did not affect the Company’s Consolidated Statements of Operations, Consolidated Statements of Comprehensive Income, Consolidated Statements of Shareholders’ Equity or Consolidated Statements of Cash Flows for any period. At December 31, 2013, the Company has various U.S. state net operating losses and various foreign net operating losses that have various expiration periods. The Company plans to repatriate earnings from China, Switzerland, Germany, the United Kingdom and certain other countries in future years and believes that there will be no additional cost associated with the repatriation of such foreign earnings other than withholding taxes. All other undistributed earnings are considered to be permanently reinvested. During the third quarter of 2011, the Company recorded discrete tax items resulting in a net tax benefit $3.8 million, primarily related to the favorable resolution of certain prior year tax matters. As of December 31, 2013, the major jurisdictions for which the Company is subject to examinations are Germany for years after 2008, the United States after 2009, France after 2010, Switzerland after 2009, the United Kingdom after 2010 and China after 2011. Additionally, the Company is currently under examination in various taxing jurisdictions in which it conducts business operations. While the Company has not yet received any material assessments from these taxing authorities, the Company believes that adequate amounts of taxes and related interest and penalties have been provided for any adverse adjustments as a result of these examinations and that the ultimate outcome of these examinations will not result in a material impact on the Company’s consolidated results of operations or financial position.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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