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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2013
Income Taxes [Abstract] |
Schedule of Components of Income Tax Expense | The following tables present components of income tax expense/(benefit) and income/(loss) before income taxes on continuing operations:
(in thousands) | 2013 | 2012 | 2011
Income tax based on income from continuing operations, at estimated tax rates of 49%, 39%, and 33%, respectively | $15,172 |  | $19,769 |  | $17,814 |
Pension plan settlements | - |  | (39,460 | ) | - |
Income tax before discrete items | 15,172 |  | (19,691 | ) | 17,814 |
Discrete tax (benefit)/expense: |  |  |  |  |  |
Provision for/adjustment to beginning of year valuation allowances | (3,741 | ) | (2,442 | ) | 22,798 |
Provision for/resolution of tax audits and contingencies, net | 2,643 |  | (2,747 | ) | 289 |
Adjustments to prior period tax liabilities | (942 | ) | (1,471 | ) | (1,624 | )
Repatriation of non-U.S. prior years' earnings | 618 |  | - |  | - |
Enacted tax legislation | (282 | ) | (973 | ) | 115 |
Change in tax status | - |  | - |  | (3,344 | )
Adjustment to correct a prior year error | - |  | - |  | (3,553 | )
Other discrete tax adjustments, net | (96 | ) | (199 | ) | 87 |
Total income tax expense/(benefit) | $13,372 |  | ($27,523 | ) | $32,582 |
Schedule of Income/(Loss) From Continuing Operations |
(in thousands) | 2013 | 2012 | 2011
Income/(loss) before income taxes: |  |  |  |  |  |
U.S. | $14,395 |  | ($84,624 | ) | ($9,748 | )
Non-U.S. | 16,681 |  | 16,258 |  | 63,596 |
| $31,076 |  | ($68,366 | ) | $53,848 |
Income tax provision: |  |  |  |  |  |
Current: |  |  |  |  |  |
Federal | $3,508 |  | ($20,123 | ) | ($9,288 | )
State | 2,301 |  | (1,212 | ) | 120 |
Non-U.S. | 14,957 |  | 12,413 |  | 17,879 |
| $20,766 |  | ($8,922 | ) | $8,711 |
Deferred: |  |  |  |  |  |
Federal | $1,723 |  | ($12,851 | ) | $3,519 |
State | (180 | ) | (1,538 | ) | 113 |
Non-U.S. | (8,937 | ) | (4,212 | ) | 20,239 |
| ($7,394 | ) | ($18,601 | ) | $23,871 |
Total provision for income taxes | $13,372 |  | ($27,523 | ) | $32,582 |
Schedule of Components of Deferred Income Tax Expense/(Benefit) | The significant components of deferred income tax (benefit)/expense are as follows:
(in thousands) | 2013 | 2012 | 2011
Net effect of temporary differences | ($334 | ) | ($7,557 | ) | $1,593 |
Foreign tax credits | 2,378 |  | 9,468 |  | (5,668 | )
Postretirement benefits | 1,482 |  | (18,337 | ) | 5,119 |
Net impact to operating loss carryforwards | (6,897 | ) | 1,240 |  | 3,258 |
Enacted changes in tax laws and rates | (282 | ) | (973 | ) | 115 |
Adjustments to beginning-of-the-year valuation |  |  |  |  |  |
allowance balance for changes in circumstances | (3,741 | ) | (2,442 | ) | 22,798 |
Changes in tax status | - |  | - |  | (3,344 | )
Total | ($7,394 | ) | ($18,601 | ) | $23,871 |
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:
|  | 2013 |  | 2012 |  | 2011
U.S. federal statutory tax rate |  | 35.0 | % |  | 35.0 | % |  | 35.0 | %
State taxes, net of federal benefit |  | 4.9 |  |  | 3.5 |  |  | 0.3 |
Non-U.S. local income taxes |  | 8.7 |  |  | 0.5 |  |  | 0.4 |
Foreign rate differential |  | 0.2 |  |  | (1.7 | ) |  | (14.3 | )
U.S. tax on non-U.S. earnings and foreign withholdings |  | 5.3 |  |  | (1.2 | ) |  | 12.8 |
Provision for/resolution of tax audit and contingencies, net |  | 8.5 |  |  | 4.0 |  |  | 0.5 |
Provision for/adustment to beginning of year valuation allowances |  | (12.0 | ) |  | (3.7 | ) |  | 42.1 |
Research and development and other tax credits |  | (3.8 | ) |  | 0.9 |  |  | (2.2 | )
Change in tax status |  | - |  |  | - |  |  | (6.2 | )
Adjustment to correct prior year error |  | - |  |  | - |  |  | (6.4 | )
Other |  | (3.8 | ) |  | 3.0 |  |  | (1.5 | )
Effective income tax rate |  | 43.0 | % |  | 40.3 | % |  | 60.5 | %
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company's deferred tax assets and liabilities are as follows:
|  | U.S. |  | Non-U.S.
|  | 2013 |  | 2012 |  | 2013 |  | 2012
(in thousands) |  |  |  |  |  |  |  |
Current deferred tax assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable |  |  | $1,526 |  |  |  | $1,733 |  |  |  | $2,397 |  |  |  | $2,437 |
Inventories |  |  | 1,432 |  |  |  | 1,589 |  |  |  | 2,411 |  |  |  | 2,052 |
Tax credit carryforwards |  |  | 1,000 |  |  |  | 3,000 |  |  |  | - |  |  |  | - |
Other |  |  | 2,867 |  |  |  | 3,413 |  |  |  | 3,058 |  |  |  | 6,370 |
Current deferred tax assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
before valuation allowance |  |  | $6,825 |  |  |  | $9,735 |  |  |  | $7,866 |  |  |  | $10,859 |
Less: valuation allowance |  |  | - |  |  |  | - |  |  |  | (818 | ) |  |  | - |
Total current deferred tax assets |  |  | $6,825 |  |  |  | $9,735 |  |  |  | $7,048 |  |  |  | $10,859 |
Noncurrent deferred tax assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred compensation |  |  | 5,794 |  |  |  | 5,668 |  |  |  | - |  |  |  | - |
Depreciation and amortization |  |  | 4,289 |  |  |  | 5,004 |  |  |  | 3,505 |  |  |  | 2,958 |
Postretirement benefits |  |  | 28,038 |  |  |  | 38,632 |  |  |  | 4,540 |  |  |  | 4,480 |
Tax loss carryforwards |  |  | 1,457 |  |  |  | 1,032 |  |  |  | 76,026 |  |  |  | 78,968 |
Tax credit carryforwards |  |  | 23,992 |  |  |  | 24,504 |  |  |  | 1,508 |  |  |  | 1,561 |
Other |  |  | 2,834 |  |  |  | 4,119 |  |  |  | 371 |  |  |  | 557 |
Noncurrent deferred tax assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
before valuation allowance |  |  | 66,404 |  |  |  | 78,959 |  |  |  | 85,950 |  |  |  | 88,524 |
Less: valuation allowance |  |  | - |  |  |  | - |  |  |  | (49,169 | ) |  |  | (60,348 | )
Total noncurrent deferred tax assets |  |  | 66,404 |  |  |  | 78,959 |  |  |  | 36,781 |  |  |  | 28,176 |
Total deferred tax assets |  |  | $73,229 |  |  |  | $88,694 |  |  |  | $43,829 |  |  |  | $39,035 |
Current deferred tax liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrepatriated foreign earnings |  |  | $667 |  |  |  | $1,521 |  |  |  | $- |  |  |  | $- |
Inventories |  |  | - |  |  |  | - |  |  |  | 1,366 |  |  |  | 1,383 |
Other |  |  | - |  |  |  | - |  |  |  | 1,822 |  |  |  | 12 |
Total current deferred tax liabilities |  |  | 667 |  |  |  | 1,521 |  |  |  | 3,188 |  |  |  | 1,395 |
Noncurrent deferred tax liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 13,169 |  |  |  | 15,296 |  |  |  | 8,357 |  |  |  | 10,106 |
Postretirement benefits |  |  | - |  |  |  | - |  |  |  | 1,377 |  |  |  | 4,726 |
Deferred gain |  |  | 9,013 |  |  |  | - |  |  |  | - |  |  |  | - |
Branch losses subject to recapture |  |  | - |  |  |  | - |  |  |  | 12,380 |  |  |  | 12,959 |
Other |  |  | - |  |  |  | 68 |  |  |  | 2,394 |  |  |  | 2,473 |
Total noncurrent deferred tax liabilities |  |  | 22,182 |  |  |  | 15,364 |  |  |  | 24,508 |  |  |  | 30,264 |
Total deferred tax liabilities |  |  | 22,849 |  |  |  | 16,885 |  |  |  | 27,696 |  |  |  | 31,659 |
Net deferred tax asset |  |  | $50,380 |  |  |  | $71,809 |  |  |  | $16,133 |  |  |  | $7,376 |
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) |  | 2013 |  | 2012 |  | 2011
Unrecognized tax benefits balance at January 1 |  |  | $24,386 |  |  |  | $27,053 |  |  |  | $23,467 |
Increase in gross amounts of tax positions related to prior years |  |  | 2,121 |  |  |  | 9,454 |  |  |  | 8,040 |
Decrease in gross amounts of tax positions related to prior years |  |  | - |  |  |  | - |  |  |  | (37 | )
Increase in gross amounts of tax positions related to current year |  |  | 2,622 |  |  |  | 381 |  |  |  | 1,005 |
Decrease due to settlements with tax authorities |  |  | (16,721 | ) |  |  | (13,099 | ) |  |  | (4,576 | )
Decrease due to lapse in statute of limitations |  |  | - |  |  |  | (20 | ) |  |  | - |
Currency translation |  |  | 130 |  |  |  | 617 |  |  |  | (846 | )
Unrecognized tax benefits balance at December 31 |  |  | $12,538 |  |  |  | $24,386 |  |  |  | $27,053 |
Schedule of Non-Current Income Taxes Receivable and Deferred | As of December 31, 2013 and 2012, noncurrent taxes receivable and deferred consisted of the following:
(in thousands) | 2013 | 2012
Income taxes receivable | $16,427 | $16,751
Deferred income taxes | 103,185 | 107,135
Total noncurrent deferred taxes and taxes receivable | $119,612 | $123,886
Schedule of Current Taxes Payable and Deferred | As of December 31, 2013 and 2012, current taxes payable and deferred consisted of the following:
(in thousands) | 2013 | 2012
Taxes payable | $1,536 | $10,636
Deferred income taxes | 3,855 | 2,916
Total current income taxes payable and deferred | $5,391 | $13,552

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