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Income Taxes | 12 Months Ended
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Dec. 31, 2016
Income Taxes [Abstract] |
Income Taxes | 10. Income Taxes The provision for income taxes for continuing operations was as follows:
(In thousands) |  | 2016 |  |  | 2015 |  |  | 2014 |
Currently payable: |  |  |  |  |  |  |  |  |
Federal |  | $ | 12,145 |  |  | $ | 20,794 |  |  | $ | 18,642 |
State |  |  | 2,631 |  |  |  | 2,936 |  |  |  | 2,264 |
Foreign |  |  | 19,168 |  |  |  | 23,873 |  |  |  | 25,435 |
|  |  | 33,944 |  |  |  | 47,603 |  |  |  | 46,341 |
Deferred (benefit) expense: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 7,630 |  |  |  | 5,779 |  |  |  | 1,532 |
State |  |  | 1,656 |  |  |  | (772 | ) |  |  | (935 | )
Foreign |  |  | 1,142 |  |  |  | (10,461 | ) |  |  | (14,111 | )
|  |  | 10,428 |  |  |  | (5,454 | ) |  |  | (13,514 | )
Income taxes |  | $ | 44,372 |  |  | $ | 42,149 |  |  | $ | 32,827 |
The tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities consisted of the following:
(in thousands) |  | 2016 |  |  | 2015 |
Deferred tax assets: |  |  |  |  |  |
Benefit plans |  | $ | 11,040 |  |  | $ | 12,901 |
Liabilities and reserves |  |  | 15,733 |  |  |  | 18,986 |
Operating loss and credit carryovers |  |  | 49,778 |  |  |  | 59,013 |
Other |  |  | 3,181 |  |  |  | 3,226 |
Gross deferred tax assets |  |  | 79,732 |  |  |  | 94,126 |
Valuation allowance |  |  | (35,426 | ) |  |  | (36,008 | )
Deferred tax assets |  |  | 44,306 |  |  |  | 58,118 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Property, plant and equipment |  |  | (1,186 | ) |  |  | (1,850 | )
Other assets |  |  | (353 | ) |  |  | (907 | )
Goodwill |  |  | (27,863 | ) |  |  | (27,824 | )
Other |  |  | (12,434 | ) |  |  | (8,000 | )
Deferred tax liabilities |  |  | (41,836 | ) |  |  | (38,581 | )
Net deferred tax assets |  | $ | 2,470 |  |  | $ | 19,537 |
At December 31, 2016, foreign operating loss carryovers were $123.0 million. Included in the foreign operating loss carryovers are losses of $17.2 million that expire through 2031 and $105.8 million that do not have an expiration date. At December 31, 2016, state operating loss carryovers were $141.7 million, all of which expire through 2031. The effective tax rate for continuing operations differed from the statutory federal income tax rate of 35% as described below:
|  | 2016 |  |  | 2015 |  |  | 2014 |
Taxes at statutory rate |  |  | 35.0 | % |  |  | 35.0 | % |  |  | 35.0 | %
State income taxes, net of federal income tax benefit |  |  | 1.4 |  |  |  | 1.7 |  |  |  | 1.9 |
Tax credits |  |  | (1.8 | ) |  |  | (0.7 | ) |  |  | (0.4 | )
Taxes on foreign earnings |  |  | (4.4 | ) |  |  | (0.8 | ) |  |  | (4.7 | )
Resolution of prior years’ tax matters |  |  | - |  |  |  | (0.3 | ) |  |  | (0.6 | )
U.S. manufacturing deduction |  |  | (2.0 | ) |  |  | (1.9 | ) |  |  | (2.0 | )
Valuation allowance adjustments |  |  | (0.3 | ) |  |  | (5.0 | ) |  |  | 0.2 |
Other, net |  |  | (1.4 | ) |  |  | 0.2 |  |  |  | (0.8 | )
Effective tax rate |  |  | 26.5 | % |  |  | 28.2 | % |  |  | 28.6 | %
Taxes on foreign earnings include the difference between the tax rates applied to foreign earnings relative to the U.S. statutory tax rate, accruals for foreign unrecognized tax benefits, and the impact of the U.S. foreign tax credit. The impact on the Company’s effective tax rate varies from year to year based on the mix of earnings, increases in foreign unrecognized tax benefits, and the expected realization of U.S. foreign tax credits generated each year. The 2015 reduction in the effective tax rate from the valuation allowance adjustments is the result of a tax audit settlement and a change in projections on the utilization of certain deferred tax assets. Earnings from continuing operations before income taxes were as follows:
(In thousands) |  |  | 2016 |  |  |  | 2015 |  |  |  | 2014 |
United States |  | $ | 96,963 |  |  | $ | 87,749 |  |  | $ | 56,211 |
Foreign |  |  | 70,322 |  |  |  | 61,647 |  |  |  | 58,387 |
Total |  | $ | 167,285 |  |  | $ | 149,396 |  |  | $ | 114,598 |
Federal and state income taxes are provided on international subsidiary income distributed to or taxable in the United States during the year. At December 31, 2016, federal and state taxes have not been provided for approximately $379.1 million of unremitted earnings of the foreign subsidiaries that are considered to be invested indefinitely. Determination of the deferred tax liability on such earnings is not practicable. A reconciliation of the change in the liability for unrecognized tax benefits for 2016 and 2015 is as follows:
(in thousands) |  | 2016 |  |  | 2015 |
Balance at beginning of year |  | $ | 4,963 |  |  | $ | 13,940 |
Increases for tax positions taken in the current year |  |  | 570 |  |  |  | 1,322 |
Increases for tax positions taken in prior years |  |  | 1,204 |  |  |  | 1,061 |
Decreases related to settlements with tax authorities |  |  | (1,172 | ) |  |  | (10,610 | )
Decreases as a result of lapse of the applicable statutes of limitations |  |  | (426 | ) |  |  | (278 | )
Foreign currency exchange rate changes |  |  | (192 | ) |  |  | (472 | )
Balance at the end of year |  | $ | 4,947 |  |  | $ | 4,963 |
The amount of the unrecognized tax benefits that would affect the effective tax rate, if recognized, was approximately $3.3 million. The Company recognizes interest and penalties related to the unrecognized tax benefits in income tax expense. As of December 31, 2016 and 2015, $0.4 million and $0.5 million, respectively, of accrued interest and penalties were reported as an income tax liability in each period. The $10.6 million decrease in 2015, related to Settlements with Tax Authorities was due to a 2015 audit settlement. A portion of this decrease reduced the Company’s deferred tax assets and an immaterial amount was recognized in net earnings. The liability for unrecognized tax benefits relates to multiple jurisdictions and is reported in Other liabilities on the Consolidated Balance Sheet at December 31, 2016. The Company believes that it is reasonably possible that the total amount of liability for unrecognized tax benefits as of December 31, 2016, will decrease by approximately $0.4 million during 2017, of which $0.4 million is estimated to impact the effective tax rate. The potential decrease relates to various tax matters for which the statute of limitations may expire or will be otherwise settled in 2017. The amount that is ultimately recognized in the financial statements will be dependent upon various factors including potential increases or decreases in unrecognized tax benefits as a result of examinations, settlements and other unanticipated items that may occur during the year. With limited exceptions, the Company is no longer subject to federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2012.

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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 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 2: 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=65882285&loc=d3e32559-109319 Reference 3: 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=65882285&loc=d3e32718-109319 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=65882285&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=65882285&loc=d3e32537-109319 + Details
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