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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Income Before Income Taxes

Income before income taxes was taxed in the following jurisdictions in each of the years ended December 31:

	2013				2012				2011
	(Dollars in thousands)
Domestic	$	252,961			$	212,213			$	266,586
Foreign	1,757				11,574				23,581
Total	$	254,718			$	223,787			$	290,167

Components of Provision for Income Taxes

The components of the provision for income taxes were as follows:

	2013				2012				2011
	(Dollars in thousands)
Current:
Federal	$	48,905			$	57,106			$	61,905
State	5,954				8,449				4,039
Foreign	7,321				8,385				7,287
Current income tax provision	62,180				73,940				73,231
Deferred:
Federal	9,559				5,999				25,059
State	2,637				(610		)		(883		)
Foreign	(5,071		)		(6,888		)		(413		)
Deferred income tax provision (benefit)	7,125				(1,499		)		23,763
	$	69,305			$	72,441			$	96,994

Variation of Provision for Income Taxes from Statutory U.S. Federal Income Tax Rate

The provision for income taxes varied from income taxes computed at the statutory U.S. federal income tax rate as a result of the following:

	2013				2012				2011
	(Dollars in thousands)
Income taxes computed at the statutory     U.S. federal income tax rate	$	89,151			$	78,325			$	101,559
State income taxes, net of federal tax benefit	7,775				5,978				8,557
Tax liabilities (no longer required) required	(17,043		)		(182		)		507
Valuation allowance	(5,087		)		239				(6,662		)
Manufacturing exemption	(7,452		)		(6,865		)		(5,128		)
Tax credit refunds, net	(1,797		)		(1,066		)		(3,165		)
Foreign earnings taxed at other than 35%	(600		)		(566		)		94
Deferred tax rate changes	2,235				(3,422		)		—
Other	2,123				—				1,232
	$	69,305			$	72,441			$	96,994
Effective tax rate	27.2		%		32.4		%		33.4		%

Significant Components of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities at December 31 were as follows:

	2013				2012
	(Dollars in thousands)
Deferred tax assets:
Pension and other postretirement liabilities	$	9,805			$	23,853
Rationalization and other accrued liabilities	26,031				28,040
AMT and other credit carryforwards	2,400				5,815
Net operating loss carryforwards	42,176				24,829
Foreign currency translation	2,076				—
Inventory and related reserves	7,722				14,013
Other	7,202				9,972
Total deferred tax assets	97,412				106,522
Deferred tax liabilities:
Property, plant and equipment	(200,359		)		(193,887		)
Pension and other post retirement liabilities	(28,552		)		—
Other intangible assets	(49,114		)		(26,302		)
Foreign currency translation	(4,206		)		(12,602		)
Other	(12,369		)		(10,358		)
Total deferred tax liabilities	(294,600		)		(243,149		)
Valuation allowance	(11,704		)		(12,361		)
	$	(208,892	)		$	(148,988	)

Reconciliation of Beginning and Ending Amount of Gross Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits included as other liabilities in our Consolidated Balance Sheets was as follows:

	2013				2012
	(Dollars in thousands)
Balance at January 1,	$	51,433			$	48,055
Increase based upon tax positions of current year	535				927
Increase based upon tax positions of a prior year	139				701
Increase due to acquisitions	27,086				3,316
Decrease based upon settlements with taxing authorities	(28,346		)		—
Decrease based upon a lapse in the statute of limitations	(449		)		(1,566		)
Balance at December 31,	$	50,398			$	51,433

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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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