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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2011
Income Taxes [Abstract] |
Schedule of Components of Income Tax Expense |
(in thousands) | 2011 |  | 2010 |  | 2009
Income tax based on income from continuing operations, at estimated tax rates of 34%, 31%, and 20%, respectively | $21,011 |  | $16,904 |  | ($11,730)
Provision for gain on extinguishment of debt | - |  | - |  | 20,276
Redemption of life insurance policies | - |  | 9,382 |  | -
Income tax from continuing operations before discrete items | 21,011 |  | 26,286 |  | 8,546
Discrete tax expense/(benefit): |  |  |  |  |
Change in tax status | (3,344) |  | (161) |  | 1,848
Enacted legislation change | 115 |  | 324 |  | -
Adjustments to prior period tax liabilities | (1,624) |  | 100 |  | (1,420)
Provision for/resolution of tax audits and contingencies, net | 289 |  | - |  | 5,267
Provision for/adjustment to beginning of year valuation allowances | 22,798 |  | - |  | (6)
Repatriation of non-U.S. prior years' earnings | - |  | (2,262) |  | -
Adjustment due to a prior year error | (3,553) |  | - |  | -
Other discrete tax adjustments, net | 87 |  | (742) |  | 205
Total income tax expense from continuing operations | $35,779 |  | $23,545 |  | $14,440
Schedule of Income/(Loss) From Continuing Operations |
(in thousands) | 2011 | 2010 | 2009
Income/(loss) before income taxes: |  |  |
U.S. | ($3,677) | $3,836 | $31,171
Non-U.S. | 65,909 | 51,093 | (38,224)
| $62,232 | $54,929 | ($7,053)
Income tax provision: |  |  |
Current: |  |  |
Federal | ($7,157) | ($602) | $0
State | 364 | 289 | 500
Non-U.S. | 18,701 | 9,748 | 6,645
| $11,908 | $9,435 | $7,145
Deferred: |  |  |
Federal | $3,519 | $11,838 | $15,084
State | 113 | 1,893 | 2,574
Non-U.S. | 20,239 | 379 | (10,363)
| $23,871 | $14,110 | $7,295
Total provision for income taxes from continuing operations | $35,779 | $23,545 | $14,440
Schedule of Components of Deferred Income Tax Expense/(Benefit) | The significant components of deferred income tax expense are as follows:
(in thousands) | 2011 | 2010 | 2009
Net effect of temporary differences | $ 1,044 | $ 7,882 | $16,724
Provision for gain on extinguishment of debt | - | (20,276) | 20,276
Changes in tax status | (3,344) | (161) | 1,848
Enacted changes in tax laws and rates | 115 | 324 | -
Adjustments to beginning-of-the-year valuation |  |  |
allowance balance for changes in circumstances | 22,798 | - | (6)
Net benefit of operating loss carryforwards | 3,258 | 26,341 | (31,547)
Total | $ 23,871 | $14,110 | $7,295
Reconciliation of the U.S. Federal Statutory Tax Rate to the Company's Effective Income Tax Rate | A reconciliation of the U.S. federal statutory tax rate to the Company's effective income tax rate is as follows:
| 2011 |  | 2010 |  | 2009
U.S. federal statutory tax rate | 35.0 | % | 35.0 | % | 35.0
State taxes, net of federal benefit | 0.7 |  | 3.4 |  | (23.7)
Other non-U.S. local income taxes | 2.0 |  | 2.5 |  | 36.7
Foreign rate differential | (22.0) |  | (28.2) |  | (93.5)
Changes in prior year non-U.S. estimated taxes | 5.0 |  | (4.6) |  | 7.7
U.S. tax on non-U.S. earnings and foreign withholding | 11.1 |  | 6.8 |  | (28.0)
Statutory tax rate changes | 0.2 |  | 0.6 |  | -
Net change to income tax contingencies | 2.0 |  | 1.8 |  | (98.2)
Research and development and other tax credits | (1.9) |  | (3.4) |  | 22.7
Net change to valuation allowances | 29.8 |  | 12.8 |  | (57.9)
Meals and entertainment | 0.7 |  | 0.8 |  | (5.7)
Officers life insurance | - |  | 15.6 |  | 14.9
Adjustment due to prior year error | (5.7) |  | - |  | -
Other | 0.6 |  | (0.2) |  | (14.8)
Effective income tax rate | 57.5 | % | 42.9 | % | (204.8)
Schedule of Deferred Tax Assets and Liabilities |
|  | U.S. |  | Non-U.S.
(in thousands) |  | 2011 |  | 2010 |  | 2011 |  | 2010
Current deferred tax assets: |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable |  | $1,713 |  |  | $2,165 |  |  | $2,279 |  |  | $1,538 |
Inventories |  | 3,049 |  |  | 2,637 |  |  | 1,919 |  |  | 944 |
Restructuring costs |  | 1,763 |  |  | 716 |  |  | - |  |  | - |
Deferred compensation |  | 236 |  |  | 285 |  |  | - |  |  | - |
Other |  | 1,816 |  |  | 1,803 |  |  | 7,351 |  |  | 6,839 |
Total current deferred tax assets |  | 8,577 |  |  | 7,606 |  |  | 11,549 |  |  | 9,321 |
Noncurrent deferred tax assets: |  |  |  |  |  |  |  |  |  |  |  |
Deferred compensation |  | 5,420 |  |  | 4,914 |  |  | - |  |  | - |
Depreciation and amortization |  | - |  |  | - |  |  | 2,502 |  |  | 3,197 |
Postretirement benefits |  | 45,547 |  |  | 45,749 |  |  | 8,984 |  |  | 7,166 |
Tax loss carryforwards |  | 2,002 |  |  | 5,742 |  |  | 70,510 |  |  | 77,485 |
Impairment of investment |  | 1,560 |  |  | 1,560 |  |  | - |  |  | - |
Tax credit carryforwards |  | 36,868 |  |  | 30,895 |  |  | 3,980 |  |  | 1,598 |
Original issue discount |  | 645 |  |  | 1,120 |  |  | - |  |  | - |
Other |  | 3,264 |  |  | 1,069 |  |  | 259 |  |  | 1,600 |
Noncurrent deferred tax assets |  |  |  |  |  |  |  |  |  |  |  |
before valuation allowance |  | 95,306 |  |  | 91,049 |  |  | 86,235 |  |  | 91,046 |
Less: valuation allowance |  | (739 | ) |  | - |  |  | (62,674 | ) |  | (42,140 | )
Total noncurrent deferred tax assets |  | 94,567 |  |  | 91,049 |  |  | 23,561 |  |  | 48,906 |
Total deferred tax assets |  | 103,144 |  |  | 98,655 |  |  | 35,110 |  |  | 58,227 |
Current deferred tax liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable |  | - |  |  | - |  |  | 210 |  |  | 1,644 |
Inventories |  | - |  |  | - |  |  | 1,514 |  |  | 2,721 |
Unrepatriated foreign earnings |  | 3,672 |  |  | 1,907 |  |  |  |  |  | - |
Total current deferred tax liabilities |  | 3,672 |  |  | 1,907 |  |  | 1,729 |  |  | 4,950 |
Noncurrent deferred tax liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | 17,139 |  |  | 16,285 |  |  | 10,953 |  |  | 14,169 |
Postretirement benefits |  | - |  |  | - |  |  | 1,854 |  |  | 663 |
Debt discount |  | 471 |  |  | 766 |  |  | - |  |  | - |
Branch losses subject to recapture |  | - |  |  | - |  |  | 14,176 |  |  | 13,096 |
Total noncurrent deferred tax liabilities |  | 17,610 |  |  | 17,051 |  |  | 26,983 |  |  | 27,928 |
Total deferred tax liabilities |  | 21,282 |  |  | 18,958 |  |  | 28,712 |  |  | 32,878 |
Net deferred tax asset |  | $81,862 |  |  | $79,697 |  |  | $6,398 |  |  | $25,349 |
Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits, in accordance with applicable accounting guidance, is as follows:
(in thousands) | 2011 |  | 2010 |  | 2009
Unrecognized tax benefits balance at January 1 | $23,467 |  |  | $22,513 |  |  | $21,969 |
Increase in gross amounts of tax positions related to prior years | 8,040 |  |  | 23 |  |  | 4,357 |
Decrease in gross amounts of tax positions related to prior years | (37 | ) |  | (690 | ) |  | (366 | )
Increase in gross amounts of tax positions related to current year | 1,005 |  |  | 1,043 |  |  | 4,185 |
Decrease due to settlements with tax authorities | (4,576 | ) |  | - |  |  | (8,979 | )
Decrease due to lapse in statute of limitations | - |  |  | (76 | ) |  | (55 | )
Currency translation | (846 | ) |  | 654 |  |  | 1,402 |
Unrecognized tax benefits balance at December 31 | $27,053 |  |  | $23,467 |  |  | $22,513 |
Schedule of Current Income Taxes Receivable and Deferred | As of December 31, 2011 and 2010, current income taxes receivable and deferred consisted of the following:
(in thousands) | 2011 | 2010
Income taxes receivable | $9,884 | $22,653
Deferred income taxes | 20,126 | 16,927
Total current income taxes receivable and deferred | $30,010 | $39,580
Schedule of Non-Current Income Taxes Receivable and Deferred | As of December 31, 2011 and 2010, noncurrent taxes receivable and deferred consisted of the following:
(in thousands) | 2011 | 2010
Income taxes receivable | $16,516 | $0
Deferred income taxes | 118,128 | 139,955
Total noncurrent taxes receivable and deferred | $134,644 | $139,955
Schedule of Current Taxes Payable and Deferred | As of December 31, 2011 and 2010, current taxes payable and deferred consisted of the following:
(in thousands) | 2011 | 2010
Taxes payable | $3,365 | $2,431
Deferred income taxes | 5,401 | 6,857
Total current taxes payable and deferred | $8,766 | $9,288

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