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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2015
Income Taxes [Abstract] |
Schedule of Components of Income Tax (Benefit)/Expense |
(in thousands) | 2015 | 2014 | 2013
Income tax based on income from continuing operations, at estimated tax rates of 32%, 34%, and 49%, respectively | $16,388 | $25,703 | $15,172
Pension plan settlements | - | (3,194) | (-)
Income tax before discrete items | 16,388 | 22,509 | 15,172
Discrete tax (benefit)/expense: |  |  |
Worthless stock deduction | (28,553) | - | -
Repatriation of non-U.S. prior years' earnings | - | 2,210 | 618
Provision for/resolution of tax audits and contingencies, net | 6,500 | 744 | 2,643
Adjustments to prior period tax liabilities | (867) | 397 | (942)
Provision for/adjustment to beginning of year valuation allowances | 75 | (109) | (3,741)
Enacted tax legislation | 670 | - | (282)
Other discrete tax adjustments, net | - | - | (96)
Total income tax (benefit)/expense | ($5,787) | $25,751 | $13,372
Schedule of Income/(Loss) From Continuing Operations |
(in thousands) | 2015 | 2014 | 2013
Income/(loss) before income taxes: |  |  |
U.S. | ($7,211) | $4,993 | $14,395
Non-U.S. | 58,689 | 62,507 | 16,681
| $51,478 | $67,500 | $31,076
Income tax provision: |  |  |
Current: |  |  |
Federal | $- | $1,874 | $3,508
State | 1,993 | 1,102 | 2,301
Non-U.S. | 20,842 | 17,474 | 14,957
| $22,835 | $20,450 | $20,766
Deferred: |  |  |
Federal | ($34,135) | ($1,707) | $1,723
State | (40) | (495) | (180)
Non-U.S. | 5,553 | 7,503 | (8,937)
| ($28,622) | $5,301 | ($7,394)
Total income tax (benefit)/expense | ($5,787) | $25,751 | $13,372
Schedule of significant components of deferred income tax expense/(benefit) |
(in thousands) | 2015 | 2014 | 2013
Net effect of temporary differences | ($7,615) | ($1,667) | ($334)
Foreign tax credits | (17,874) | (481) | 2,378
Retirement benefits | 1,844 | 1,438 | 1,482
Net impact to operating loss carryforwards | (5,722) | 6,120 | (6,897)
Enacted changes in tax laws and rates | 670 | (-) | (282)
Adjustments to beginning-of-the-year valuation |  |  |
allowance balance for changes in circumstances | 75 | (109) | (3,741)
Total | ($28,622) | $5,301 | ($7,394)
Reconciliation of the U.S. Federal Statutory Tax Rate to the Company's Effective Income Tax Rate |
| 2015 |  | 2014 |  | 2013 |
U.S. federal statutory tax rate | 35.0 | % | 35.0 | % | 35.0 | %
State taxes, net of federal benefit | 2.4 |  | 1.7 |  | 4.9 |
Non-U.S. local income taxes | 4.1 |  | 4.0 |  | 8.7 |
Foreign adjustments and rate differential | (6.2) |  | (10.2) |  | 0.2 |
Net U.S. tax on non-U.S. earnings and foreign withholdings | (1.8) |  | 8.0 |  | 5.3 |
Provision for/resolution of tax audits and contingencies, net | 12.6 |  | 1.0 |  | 8.5 |
Research and development and other tax credits | (2.4) |  | (1.6) |  | (3.8) |
Adjustment to beginning of year valuation allowances | 0.1 |  | (0.2) |  | (12.0) |
Worthless stock deduction | (55.5 | ) | - |  | - |
Other | 0.5 |  | 0.4 |  | (3.8) |
Effective income tax rate | (11.2) | % | 38.1 | % | 43.0 | %
Schedule of Deferred Tax Assets and Liabilities |
| U.S. | Non-U.S.
| 2015 | 2014 | 2015 | 2014
(in thousands) |  |  |  |
Current deferred tax assets: |  |  |  |
Accounts receivable | $- | $1,597 | $- | $1,537
Inventories | - | 343 | - | 1,240
Other | - | 2,662 | - | 3,574
Current deferred tax assets |  |  |  |
before valuation allowance | $- | $4,602 | $- | $6,351
Less: valuation allowance | - | - | - | (497)
Total current deferred tax assets | $- | $4,602 | $- | $5,854
Noncurrent deferred tax assets: |  |  |  |
Accounts receivable | 1,392 | - | 1,304 | -
Inventories | 897 | - | 1,750 | -
Deferred compensation | 6,714 | 5,981 | - | -
Depreciation and amortization | 10,323 | 3,575 | 4,882 | 4,460
Postretirement benefits | 26,475 | 28,344 | 4,138 | 4,804
Tax loss carryforwards | 2,682 | 1,358 | 27,134 | 34,980
Tax credit carryforwards | 42,851 | 24,426 | 1,740 | 1,772
Other | 10,222 | 2,939 | 3,503 | 428
Noncurrent deferred tax assets |  |  |  |
before valuation allowance | 101,556 | 66,623 | 44,451 | 46,444
Less: valuation allowance | - | - | (24,439) | (21,363)
Total noncurrent deferred tax assets | 101,556 | 66,623 | 20,012 | 25,081
Total deferred tax assets | $101,556 | $71,225 | $20,012 | $30,935
Current deferred tax liabilities: |  |  |  |
Unrepatriated foreign earnings | $- | $3,679 | $- | $ -
Inventories | - | - | - | 32
Other | - | - | - | 577
Total current deferred tax liabilities | - | 3,679 | - | 609
Noncurrent deferred tax liabilities: |  |  |  |
Unrepatriated foreign earnings | 1,157 | - | - | -
Depreciation and amortization | 10,309 | 11,587 | 3,174 | 3,106
Postretirement benefits | - | - | 2,003 | 1,917
Deferred Gain | 7,559 | 8,396 | - | -
Branch losses subject to recapture | - | - | 918 | 11,369
Other | - | - | 3,245 | 1,888
Total noncurrent deferred tax liabilities | 19,025 | 19,983 | 9,340 | 18,280
Total deferred tax liabilities | 19,025 | 23,662 | 9,340 | 18,889
Net deferred tax asset | $82,531 | $47,563 | $10,672 | $12,046
Schedule of amounts previously reported in the 2014 Consolidated Balance Sheet which would have been increased/(decreased) |
| As of December
(in thousands) | 31, 2014
Current assets: Income taxes prepaid and deferred | ($6,743)
Noncurrent asset: Income taxes receivable and deferred | 13,657
Current liabilities: Income taxes payable and deferred | (575)
Noncurrent liabilities : Deferred taxes and other credits | 7,489
Total | $-
Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits |
(in thousands) | 2015 | 2014 | 2013
Unrecognized tax benefits balance at January 1 | $19,509 | $12,538 | $24,386
Increase in gross amounts of tax positions related to prior years | 2,315 | 14,699 | 2,121
Decrease in gross amounts of tax positions related to prior years | (145) | (67) | -
Increase in gross amounts of tax positions related to current year | 79 | 1,077 | 2,622
Decrease due to settlements with tax authorities | (42) | (32) | (16,721)
Decrease due to lapse in statute of limitations | (90) | (6,775) | (-)
Currency translation | (2,020) | (1,931) | 130
Unrecognized tax benefits balance at December 31 | $19,606 | $19,509 | $12,538
Schedule of Current Income Taxes Prepaid and Deferred |
(in thousands) | 2015 | 2014
Prepaid taxes | $2,417 | $-
Taxes receivable | 510 | -
Deferred income taxes | - | 6,743
Total current income taxes prepaid and deferred | $2,927 | $6,743
Schedule of Non-Current Income Taxes Receivable and Deferred |
(in thousands) | 2015 | 2014
Deferred income taxes | $105,792 | $59,022
Taxes receivable | 3,153 | 10,518
Total noncurrent income taxes receivable and deferred | $108,945 | $69,540
Schedule of Current Income Taxes Payable and Deferred |
(in thousands) | 2015 | 2014
Taxes payable | $7,090 | $2,211
Deferred income taxes | - | 575
Total current income taxes payable and deferred | $7,090 | $2,786
Schedule of Noncurrent Deferred Taxes and Other Liabilities |
(in thousands) | 2015 | 2014
Deferred income taxes | $12,589 | $5,583
Other liabilities | 1,565 | 1,580
Total noncurrent deferred taxes and other liabilities | $14,154 | $7,163

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