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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

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:

	2014				2013				2012
	(Dollars in thousands)
Domestic	$	273,487			$	252,961			$	212,213
Foreign	11,065				1,757				11,574
Total	$	284,552			$	254,718			$	223,787

Components of Provision for Income Taxes

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

	2014				2013				2012
	(Dollars in thousands)
Current:
Federal	$	51,399			$	48,905			$	57,106
State	4,487				5,954				8,449
Foreign	7,519				7,321				8,385
Current income tax provision	63,405				62,180				73,940
Deferred:
Federal	38,879				9,559				5,999
State	2,958				2,637				(610		)
Foreign	(3,081		)		(5,071		)		(6,888		)
Deferred income tax provision (benefit)	38,756				7,125				(1,499		)
	$	102,161			$	69,305			$	72,441

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:

	2014				2013				2012
	(Dollars in thousands)
Income taxes computed at the statutory     U.S. federal income tax rate	$	99,597			$	89,151			$	78,325
State income taxes, net of federal tax benefit	8,165				7,775				5,978
Tax liabilities required (no longer required)	815				(17,043		)		(182		)
Valuation allowance	(3,747		)		(5,087		)		239
Manufacturing exemption	(5,798		)		(7,452		)		(6,865		)
Tax credit refunds, net	(2,163		)		(1,797		)		(1,066		)
Foreign earnings taxed at other than 35%	5,957				(600		)		(566		)
Deferred tax rate changes	(1,327		)		2,235				(3,422		)
Other	662				2,123				—
	$	102,161			$	69,305			$	72,441
Effective tax rate	35.9		%		27.2		%		32.4		%

Significant Components of Deferred Tax Assets and Liabilities

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

	2014				2013
	(Dollars in thousands)
Deferred tax assets:
Pension and other postretirement liabilities	$	14,957			$	9,805
Rationalization and other accrued liabilities	14,933				26,031
Property, Plant and Equipment	1,182				—
AMT and other credit carryforwards	1,500				2,400
Net operating loss carryforwards	33,972				42,176
Foreign currency translation	825				2,076
Inventory and related reserves	7,327				7,722
Other	9,952				7,202
Total deferred tax assets	84,648				97,412
Deferred tax liabilities:
Property, plant and equipment	(194,793		)		(200,359		)
Pension and other post retirement liabilities	(13,383		)		(28,552		)
Other intangible assets	(80,552		)		(49,114		)
Foreign currency translation	(13,110		)		(4,206		)
Other	(3,988		)		(12,369		)
Total deferred tax liabilities	(305,826		)		(294,600		)
Valuation allowance	(7,858		)		(11,704		)
	$	(229,036	)		$	(208,892	)

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:

	2014				2013
	(Dollars in thousands)
Balance at January 1,	$	50,398			$	51,433
Increase based upon tax positions of current year	646				535
Increase based upon tax positions of a prior year	457				139
(Decrease) increase due to acquisitions	(2,732		)		27,086
Decrease based upon settlements with taxing authorities	(50		)		(28,346		)
Decrease based upon a lapse in the statute of limitations	(576		)		(449		)
Balance at December 31,	$	48,143			$	50,398

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