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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of Provision for Income Taxes from Operations

The provision for income taxes from operations consisted of the following:

		Year ended December 31
In thousands		2014				2013				2012
Current taxes
Federal		$	3,291			$	625			$	8,869
State			238				(4,365	)			3,386
Foreign			24,027				17,268				9,516
			27,556				13,528				21,771
Deferred taxes and other
Federal			(3,975	)			(10,973	)			(5,456	)
State			(147	)			(474	)			(920	)
Foreign			(5,297	)			(38	)			4,167
			(9,419	)			(11,485	)			(2,209	)
Income tax provision		$	18,137			$	2,043			$	19,562

Schedule of Domestic and Foreign Components of Pretax Income from Operations

The following are the domestic and foreign components of pretax income from operations:

		Year ended December 31
In thousands		2014				2013				2012
United States		$	4,637			$	(3,052	)		$	24,525
Foreign			82,746				72,253				54,416
Total pretax income		$	87,383			$	69,201			$	78,941

Schedule of Reconciliation of Federal Statutory Rate to Company's Effective Tax Rate

A reconciliation between the income tax provision, computed by applying the statutory federal income tax rate of 35% to income before income taxes, and the actual income tax provision is as follows:

		Year ended December 31
		2014				2013				2012
Federal income tax provision at statutory rate			35.0	%			35.0	%			35.0	%
State income taxes, net of federal income tax benefit			0.2				0.5				1.3
Foreign income tax rate differential			(5.0	)			(5.0	)			(3.9	)
Change in statutory tax rates			(2.2	)			(0.6	)			(0.8	)
Tax credits			(2.0	)			(4.4	)			(0.5	)
Change in unrecognized tax benefits, net			1.3				(22.7	)			0.4
Permanent differences on non-U.S. earnings			(2.8	)			(0.4	)			–
Cellulosic biofuel credit, net of incremental state tax and manufacturing deduction benefit			–				–				(6.1	)
Valuation allowance			(2.7	)			–				–
Other			(1.0	)			0.6				(0.6	)
Provision for income taxes			20.8	%			3.0	%			24.8	%

Schedule of Current and Non-Current Deferred Tax Assets and Liabilities

Current and non-current deferred tax assets and liabilities are included in the following balance sheet captions:

		December 31
In thousands			2014				2013
Prepaid expenses and other current assets		$	20,017			$	21,447
Other assets			8,830				9,197
Other current liabilities			234				12
Deferred income taxes			104,016				141,020

Schedule of Unrecognized Tax Benefit

A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows:

In millions			2014				2013				2012
Balance at January 1		$	14.9			$	30.4			$	29.7
Increases in tax positions for prior years			0.7				0.2				1.4
Decreases in tax positions for prior years			(0.5	)			(4.9	)			(1.0	)
Acquisition related:
Purchase Accounting			0.3				1.3				–
Increases in tax positions for current year			3.4				1.7				1.9
Settlements			(1.3	)			–				(0.4	)
Lapse in statutes of limitation			(2.6	)			(13.8	)			(1.2	)
Balance at December 31		$	14.9			$	14.9			$	30.4

Summary of Tax Years that Remain Subject to Examination by Major Jurisdiction

The following table summarizes tax years that remain subject to examination by major jurisdiction:

		Open Tax Years
Jurisdiction		Examinations not yet initiated		Examination in progress
United States
Federal		2013 – 2014			2011 – 2012
State		2010 – 2014			2011 – 2012
Canada(1)		2010 – 2014			2009
Germany(1)		2012 – 2014			2007 – 2011
France		2013 – 2014			2011 – 2012
United Kingdom		2013 – 2014			N/A
Philippines		2012 – 2014			2011

(1) includes provincial or similar local jurisdictions, as applicable.

Summary of Information Related to Interest and Penalties on Uncertain Tax Positions

The following table summarizes information related to interest and penalties on uncertain tax positions:

		As of or for the year ended December 31,
In millions			2014				2013				2012
Accrued interest payable		$	0.6			$	0.6			$	1.4
Interest expense (income)			–				(0.8	)			(0.3	)
Penalties			–				–				–

Deferred Income Tax [Member]

Schedule of Current and Non-Current Deferred Tax Assets and Liabilities

The sources of deferred income taxes were as follows at December 31:

		2014								2013
In thousands			Current Asset (Liability)				Non current Asset (Liability)				Current Asset (Liability)				Non current Asset (Liability)
Reserves		$	5,032			$	7,987			$	5,001			$	7,919
Compensation			3,087				5,075				3,111				5,000
Post-retirement benefits			1,531				21,338				1,070				19,819
Property			–				(89,432	)			–				(98,889	)
Intangible Assets			–				(21,285	)			–				(28,918	)
Pension			532				(30,412	)			802				(51,148	)
Inventories			2,758				–				1,491				–
Other			(783	)			1,171				893				2,377
Tax carryforwards			8,560				12,660				10,322				16,922
Subtotal			20,717				(92,898	)			22,690				(126,918	)
Valuation allowance			(934	)			(2,288	)			(1,255	)			(4,905	)
Total		$	19,783			$	(95,186	)		$	21,435			$	(131,823	)

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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.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of the change in unrecognized tax benefits.

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