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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2014

INCOME TAXES [Abstract]

Provision for income taxes

The provision for income taxes for continuing operations was as follows:

(in thousands)		2014				2013				2012
Currently payable:
Federal		$	18,642			$	21,252			$	22,394
State			2,264				3,065				3,024
Foreign			25,435				25,175				22,670
			46,341				49,492				48,088
Deferred (benefit) expense:
Federal			1,532				(5,125	)			170
State			(935	)			502				603
Foreign			(14,111	)			(1,534	)			2,035
			(13,514	)			(6,157	)			2,808
Income taxes		$	32,827			$	43,335			$	50,896

Tax effects of temporary differences - Deferred tax assets and liabilities

The tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities consisted of the following:

(in thousands)		2014				2013
Deferred tax assets:
Benefit plans		$	15,507			$	21,148
Liabilities and reserves			19,384				11,499
Operating loss and credit carryovers			57,128				51,292
Other			6,872				17,151
Gross deferred tax assets			98,891				101,090
Valuation allowance			(43,055	)			(43,048	)
Deferred tax assets			55,836				58,042
Deferred tax liabilities:
Property, plant and equipment			(1,619	)			(21,139	)
Other assets			(1,462	)			(1,411	)
Goodwill			(28,583	)			(28,573	)
Other			(1,426	)			(3,168	)
Deferred tax liabilities			(33,090	)			(54,291	)
Net deferred tax assets		$	22,746			$	3,751

Effective income tax rate reconciliation

The effective tax rate for continuing operations differed from the statutory federal income tax rate of 35% as described below:

		2014				2013				2012
Taxes at statutory rate			35.0	%			35.0	%			35.0	%
State income taxes, net of federal income tax benefit			1.9				1.1				1.5
Tax credits			(0.4	)			(0.3	)			—
Taxes on foreign earnings			(4.7	)			(5.3	)			(4.1	)
Resolution of prior years’ tax matters			(0.6	)			(0.7	)			(1.4	)
U.S. manufacturing deduction			(2.0	)			(1.6	)			(1.8	)
Valuation allowance adjustments			0.2				(0.8	)			(0.5	)
Other, net			(0.8	)			0.1				0.2
Effective tax rate			28.6	%			27.5	%			28.9	%

Earnings before income taxes

Earnings from continuing operations before income taxes were as follows:

(in thousands)		2014				2013				2012
United States		$	56,211			$	55,461			$	79,118
Foreign			58,387				102,172				96,860
Total		$	114,598			$	157,633			$	175,978

Reconciliation of the change in liability for unrecognized tax benefits

A reconciliation of the change in the liability for unrecognized tax benefits for 2014 and 2013 is as follows:

(in thousands)		2014				2013
Balance at beginning of year		$	5,295			$	7,091
Increases for tax positions taken in the current year			718				818
Increases for tax positions taken in prior years			10,238				875
Decreases related to settlements with tax authorities			(1,044	)			(3,113	)
Decreases as a result of lapse of the applicable statutes of limitations			(751	)			(374	)
Foreign currency exchange rate changes			(516	)			(2	)
Balance at the end of year		$	13,940			$	5,295

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

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