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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2016
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax (Benefit)/Expense | The following tables present components of income tax expense/(benefit) and income before income taxes on continuing operations:
(in thousands) |  | 2016 |  | 2015 |  | 2014
Income tax based on income from continuing operations, at estimated tax rates of 35%, 32%, and 34%, respectively |  | $27,629 |  |  | $16,388 |  |  | $25,703 |
Pension plan settlements |  | - |  |  | - |  |  | (3,194 | )
Income tax before discrete items |  | 27,629 |  |  | 16,388 |  |  | 22,509 |
Discrete tax expense/(benefit): |  |  |  |  |  |  |  |  |
Worthless Stock deduction |  | - |  |  | (28,553 | ) |  | - |
Repatriation of non-U.S. prior years' earnings |  | - |  |  | - |  |  | 2,210 |
Provision for/resolution of tax audits and contingencies, net |  | (2,856 | ) |  | 6,500 |  |  | 744 |
Adjustments to prior period tax liabilities |  | 769 |  |  | (867 | ) |  | 397 |
Provision for/adjustment to beginning of year valuation allowances |  | (88 | ) |  | 75 |  |  | (109 | )
Enacted tax legislation |  | - |  |  | 670 |  |  | - |
Total income tax expense/(benefit) |  | $25,454 |  |  | ($5,787 | ) |  | $25,751 |
Schedule of Income/(Loss) From Continuing Operations |
(in thousands) |  | 2016 |  | 2015 |  | 2014
Income/(loss) before income taxes: |  |  |  |  |  |
U.S. |  | $8,556 |  |  | ($7,211 | ) |  | $4,993 |
Non-U.S. |  | 69,710 |  |  | 58,689 |  |  | 62,507 |
|  | $78,266 |  |  | $51,478 |  |  | $67,500 |
Income tax provision: |  |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $3,728 |  |  | $- |  |  | $1,874 |
State |  | 176 |  |  | 1,993 |  |  | 1,102 |
Non-U.S. |  | 19,979 |  |  | 20,842 |  |  | 17,474 |
|  | $23,883 |  |  | $22,835 |  |  | $20,450 |
Deferred: |  |  |  |  |  |  |  |  |
Federal |  | $2,138 |  |  | ($34,135 | ) |  | ($1,707 | )
State |  | 1,984 |  |  | (40 | ) |  | (495 | )
Non-U.S. |  | (2,551 | ) |  | 5,553 |  |  | 7,503 |
|  | $1,571 |  |  | ($28,622 | ) |  | $5,301 |
Total income tax expense/(benefit) |  | $25,454 |  |  | ($5,787 | ) |  | $25,751 |
Schedule of significant components of deferred income tax expense/(benefit) | The significant components of deferred income tax expense/(benefit) are as follows:
(in thousands) |  | 2016 |  | 2015 |  | 2014
Net effect of temporary differences |  | $7,214 |  |  | ($7,615 | ) |  | ($1,667 | )
Foreign tax credits |  | (6,869 | ) |  | (17,874 | ) |  | (481 | )
Retirement benefits |  | 1,734 |  |  | 1,844 |  |  | 1,438 |
Net impact to operating loss carryforwards |  | (603 | ) |  | (5,722 | ) |  | 6,120 |
Enacted changes in tax laws and rates |  | 183 |  |  | 670 |  |  | - |
Adjustments to beginning-of-the-year valuation |  |  |  |  |  |
allowance balance for changes in circumstances |  | (88 | ) |  | 75 |  |  | (109 | )
Total |  | $1,571 |  |  | ($28,622 | ) |  | $5,301 |
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:
|  | 2016 |  | 2015 |  | 2014
U.S. federal statutory tax rate |  | 35.0 | % |  | 35.0 | % |  | 35.0 | %
State taxes, net of federal benefit |  | 2.3 |  |  | 2.4 |  |  | 1.7 |
Non-U.S. local income taxes |  | 3.5 |  |  | 4.1 |  |  | 4.0 |
Foreign adjustments |  | 1.6 |  |  | 7.4 |  |  | 3.7 |
Foreign rate differential |  | (11.3 | ) |  | (13.6 | ) |  | (13.9 | )
Net U.S. tax on non-U.S. earnings and foreign withholdings |  | 5.8 |  |  | (1.8 | ) |  | 8.0 |
Provision for/resolution of tax audits and contingencies, net |  | (3.4 | ) |  | 12.6 |  |  | 1.0 |
Research and development and other tax credits |  | (1.2 | ) |  | (2.4 | ) |  | (1.6 | )
Adjustment to beginning of year valuation allowances |  | (0.1 | ) |  | 0.1 |  |  | (0.2 | )
Worthless stock deduction |  | - |  |  | (55.5 | ) |  | - |
Other |  | 0.3 |  |  | 0.5 |  |  | 0.4 |
Effective income tax rate |  | 32.5 | % |  | (11.2 | )% |  | 38.1 | %
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. |  |
|  | 2016 |  | 2015 |  | 2016 |  | 2015
(in thousands) |  |  |  |  |  |  |  |
Noncurrent deferred tax assets: |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable |  | $1,155 |  |  | $1,392 |  |  | $1,381 |  |  | $1,304 |
Inventories |  | 1,193 |  |  | 897 |  |  | 1,868 |  |  | 1,750 |
Deferred compensation |  | 7,533 |  |  | 6,714 |  |  | - |  |  | - |
Depreciation and amortization |  | 2,786 |  |  | 10,323 |  |  | 5,030 |  |  | 4,882 |
Postretirement benefits |  | 26,602 |  |  | 26,475 |  |  | 3,478 |  |  | 4,138 |
Tax loss carryforwards |  | 1,760 |  |  | 2,682 |  |  | 26,084 |  |  | 27,134 |
Tax credit carryforwards |  | 50,624 |  |  | 42,851 |  |  | 1,186 |  |  | 1,740 |
Other |  | 7,828 |  |  | 10,222 |  |  | 2,876 |  |  | 3,503 |
Noncurrent deferred tax assets |  |  |  |  |  |  |  |  |  |  |  |
before valuation allowance |  | 99,481 |  |  | 101,556 |  |  | 41,903 |  |  | 44,451 |
Less: valuation allowance |  | - |  |  | - |  |  | (22,821 | ) |  | (24,439 | )
Total noncurrent deferred tax assets |  | 99,481 |  |  | 101,556 |  |  | 19,082 |  |  | 20,012 |
Total deferred tax assets |  | $99,481 |  |  | $101,556 |  |  | $19,082 |  |  | $20,012 |
Noncurrent deferred tax liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Unrepatriated foreign earnings |  | $1,602 |  |  | $1,157 |  |  | $- |  |  | $- |
Depreciation and amortization |  | 43,156 |  |  | 10,309 |  |  | 2,466 |  |  | 3,174 |
Postretirement benefits |  | - |  |  | - |  |  | 1,411 |  |  | 2,003 |
Deferred gain |  | 7,156 |  |  | 7,559 |  |  | - |  |  | - |
Branch losses subject to recapture |  | - |  |  | - |  |  | - |  |  | 918 |
Other |  | 2,198 |  |  | - |  |  | 2,897 |  |  | 3,245 |
Total deferred tax liabilities |  | $54,112 |  |  | 19,025 |  |  | $6,774 |  |  | 9,340 |
Net deferred tax asset |  | $45,369 |  |  | $82,531 |  |  | $12,308 |  |  | $10,672 |
Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits | The following table provides a reconciliation of the beginning and ending amount of unrecognized tax benefits, all of which, if recognized, would impact the effective tax rate.
(in thousands) |  | 2016 |  | 2015 |  | 2014
Unrecognized tax benefits balance at January 1 |  | $19,606 |  |  | $19,509 |  |  | $12,538 |
Increase in gross amounts of tax positions related to prior years |  | 62 |  |  | 2,315 |  |  | 14,699 |
Decrease in gross amounts of tax positions related to prior years |  | (2,129 | ) |  | (145 | ) |  | (67 | )
Increase in gross amounts of tax positions related to current year |  | 585 |  |  | 79 |  |  | 1,077 |
Decrease due to settlements with tax authorities |  | (14,029 | ) |  | (42 | ) |  | (32 | )
Decrease due to lapse in statute of limitations |  | (163 | ) |  | (90 | ) |  | (6,775 | )
Currency translation |  | 251 |  |  | (2,020 | ) |  | (1,931 | )
Unrecognized tax benefits balance at December 31 |  | $4,183 |  |  | $19,606 |  |  | $19,509 |
Schedule of Current Income Taxes Prepaid and Deferred | As of December 31, 2016 and 2015, current income taxes prepaid and receivable consisted of the following:
(in thousands) |  | 2016 |  |  | 2015 |
Prepaid taxes |  | $3,914 |  |  | $2,417 |
Taxes receivable |  | 1,299 |  |  | 510 |
Total current income taxes prepaid and receivable |  | $5,213 |  |  | $2,927 |
Schedule of Non-Current Income Taxes Receivable and Deferred | As of December 31, 2016 and 2015, noncurrent income taxes receivable and deferred consisted of the following:
(in thousands) |  | 2016 |  |  | 2015 |
Deferred income taxes |  | $68,865 |  |  | $105,792 |
Taxes receivable |  | - |  |  | 3,153 |
Total noncurrent income taxes receivable and deferred |  | $68,865 |  |  | $108,945 |
Schedule of Current Income Taxes Payable and Deferred | As of December 31, 2016 and 2015, current income taxes payable consisted of the following:
(in thousands) |  | 2016 |  |  | 2015 |
Taxes Payable |  | $9,531 |  |  | $7,090 |
Total current income taxes payable |  | $9,531 |  |  | $7,090 |
Schedule of Noncurrent Deferred Taxes and Other Liabilities | As of December 31, 2016 and 2015, noncurrent deferred taxes and other liabilities consisted of the following:
(in thousands) |  | 2016 |  |  | 2015 |
Deferred income taxes |  | $11,188 |  |  | $12,589 |
Other liabilities |  | 1,201 |  |  | 1,565 |
Total noncurrent deferred taxes and other liabilities |  | $12,389 |  |  | $14,154 |

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