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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2012
Income Tax Disclosure [Abstract] |
Schedule Of Income Before Taxes | The Company’s income (loss) from continuing operations before taxes is as follows:
(in thousands) For year ended December 31, |  | 2012 |  |  | 2011 |  |  | 2010 |
U.S. operations |  | $ | 175,055 |  |  | $ | (121,411 | ) |  | $ | 102,833 |
Non-U.S. operations |  | 109,550 |  |  | 136,172 |  |  | 106,234 |
Total |  | $ | 284,605 |  |  | $ | 14,761 |  |  | $ | 209,067 |
Schedule Of Provision For Income Taxes | The Company’s provision (benefit) for income taxes from continuing operations consists of:
(in thousands) For year ended December 31, |  | 2012 |  |  | 2011 |  |  | 2010 |
Current: |  |  |  |  |  |
U.S. federal tax |  | $ | 5,154 |  |  | $ | 1,124 |  |  | $ | (3,099 | )
U.S. state and local tax |  | 1,948 |  |  | 1,928 |  |  | 1,173 |
Non-U.S. tax |  | 26,314 |  |  | 32,816 |  |  | 26,560 |
Total current |  | 33,416 |  |  | 35,868 |  |  | 24,634 |
Deferred: |  |  |  |  |  |
U.S. federal tax |  | 52,948 |  |  | (45,576 | ) |  | 26,326 |
U.S. state and local tax |  | 1,068 |  |  | 524 |  |  | 238 |
Non-U.S. tax |  | 984 |  |  | 1,129 |  |  | 4,889 |
Total deferred |  | 55,000 |  |  | (43,923 | ) |  | 31,453 |
Total provision (benefit) for income taxes |  | $ | 88,416 |  |  | $ | (8,055 | ) |  | $ | 56,087 |
Schedule Of Deferred Tax Assets And Liabilities | A reconciliation of the statutory U.S. federal tax rate to the Company’s effective tax rate from continuing operations is as follows:
(in thousands) For year ended December 31, |  | 2012 |  |  | 2011 |  |  | 2010 |
Statutory U.S. federal tax rate |  | 35.0 | % |  | 35.0 | % |  | 35.0 | %
Increase (reduction) from: |  |  |  |  |  |
Non-U.S. taxes |  | (4.0 | )% |  | (98.4 | )% |  | (3.1 | )%
Repatriation of non-U.S. earnings, net of credits |  | 0.1 | % |  | 8.8 | % |  | 1.2 | %
Deferred taxes on earnings of non-U.S. subsidiaries |  | — | % |  | — | % |  | (2.4 | )%
State and local taxes, net of federal benefit |  | 1.1 | % |  | 18.4 | % |  | 0.7 | %
U.S. research and development tax credit |  | (0.3 | )% |  | (15.3 | )% |  | (3.0 | )%
U.S. domestic manufacturing deduction |  | (0.9 | )% |  | (12.7 | )% |  | (0.9 | )%
Other |  | 0.1 | % |  | 8.9 | % |  | (0.7 | )%
Effective tax rate |  | 31.1 | % |  | (55.3 | )% |  | 26.8 | %
Reconciliation Of The Statutory U.S. Federal Rate To The Effective Tax Rate | The components of deferred tax assets and liabilities included on the Company’s Consolidated Balance Sheets are as follows:
(in thousands) December 31, |  | 2012 |  |  | 2011 |
Deferred tax assets: |  |  |  |
Asbestos-related liabilities |  | $ | 230,166 |  |  | $ | 260,969 |
Tax loss and credit carryforwards |  | 77,098 |  |  | 93,337 |
Environmental reserves |  | 12,614 |  |  | 20,042 |
Inventories |  | 12,827 |  |  | 15,858 |
Accrued bonus and stock-based compensation |  | 12,470 |  |  | 12,488 |
Pension and post-retirement benefits |  | 66,313 |  |  | 50,623 |
Other |  | 42,348 |  |  | 35,362 |
Total |  | 453,836 |  |  | 488,679 |
Less: valuation allowance |  | 115,014 |  |  | 107,511 |
Total deferred tax assets, net of valuation allowance |  | 338,822 |  |  | 381,168 |
Deferred tax liabilities: |  |  |  |
Basis difference in fixed assets |  | (30,130 | ) |  | (35,341 | )
Basis difference in intangible assets |  | (78,086 | ) |  | (75,127 | )
Total deferred tax liabilities |  | (108,216 | ) |  | (110,468 | )
Net deferred tax asset |  | $ | 230,606 |  |  | $ | 270,700 |
Balance sheet classification: |  |  |  |
Current deferred tax assets |  | 21,618 |  |  | $ | 46,664 |
Long-term deferred tax assets |  | 245,843 |  |  | 265,849 |
Accrued liabilities |  | (2 | ) |  | (145 | )
Long-term deferred tax liability |  | (36,853 | ) |  | (41,668 | )
Net deferred tax asset |  | $ | 230,606 |  |  | $ | 270,700 |
Summary Of Tax Loss And Tax Credit Carryforwards | As of December 31, 2012, the Company had U.S. federal, U.S. state and non-U.S. tax loss and credit carryforwards that will expire, if unused, as follows:
(in thousands) Year of expiration |  | U.S. Federal Tax Credits |  |  | U.S. Federal Tax Losses |  |  | U.S. State Tax Credits |  |  | U.S. State Tax Losses |  |  | Non- U.S. Tax Losses |  |  | Total |
2013-2017 |  | $ | 105 |  |  | $ | — |  |  | $ | 2,039 |  |  | $ | 161,854 |  |  | $ | 6,912 |  |  |
After 2017 |  | 14,547 |  |  | 1,067 |  |  | 4,162 |  |  | 410,775 |  |  | 30,656 |  |  |
Indefinite |  | — |  |  | — |  |  | 15,959 |  |  | — |  |  | 39,088 |  |  |
Total tax carryforwards |  | $ | 14,652 |  |  | $ | 1,067 |  |  | $ | 22,160 |  |  | $ | 572,629 |  |  | $ | 76,656 |  |  |
Deferred tax asset on tax carryforwards |  | $ | 14,652 |  |  | $ | 373 |  |  | $ | 14,404 |  |  | $ | 26,297 |  |  | $ | 21,372 |  |  | $ | 77,098 |
Valuation allowance on tax carryforwards |  | (262 | ) |  | (373 | ) |  | (13,760 | ) |  | (26,297 | ) |  | (21,372 | ) |  | (62,064 | )
Net deferred tax asset on tax carryforwards |  | $ | 14,390 |  |  | $ | — |  |  | $ | 644 |  |  | $ | — |  |  | $ | — |  |  | $ | 15,034 |
Schedule Of Gross Unrecognized Tax Benefits Reconciliation | A reconciliation of the beginning and ending amount of the Company’s gross unrecognized tax benefits, excluding interest and penalties, is as follows:
(in thousands) |  | 2012 |  |  | 2011 |
Balance of liability as of January 1 |  | $ | 9,590 |  |  | $ | 3,725 |
Increase as a result of tax positions taken during a prior year |  | 5,941 |  |  | 3,334 |
Decrease as a result of tax positions taken during a prior year |  | (25 | ) |  | (19 | )
Increase as a result of tax positions taken during the current year |  | 3,893 |  |  | 2,876 |
Reduction as a result of a lapse of the statute of limitations |  | (235 | ) |  | (326 | )
Balance of liability as of December 31 |  | $ | 19,164 |  |  | $ | 9,590 |

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- Definition 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. + References Reference 1: 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 + Details
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