Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of Income From Continuing Operations Before Income Taxes, Domestic and Foreign

Income from continuing operations before income taxes consists of the following:

	Year Ended December 31
(in thousands)	2013		2012		2011
U.S.	$	287,221	$	137,743	$	243,913
Non-U.S.	14,005		17,516		11,875
	$	301,226	$	155,259	$	255,788

Schedule of Provision for Income Taxes on Income From Continuing Operations

The provision for income taxes on income from continuing operations consists of the following:

(in thousands)	Current		Deferred			Total
Year Ended December 31, 2013
U.S. Federal	$	78,375	$	22,438		$	100,813
State and Local	10,514		(9,808		)	706
Non-U.S.	10,051		(1,570		)	8,481
	$	98,940	$	11,060		$	110,000
Year Ended December 31, 2012
U.S. Federal	$	111,024	$	(48,685	)	$	62,339
State and Local	14,062		(5,135		)	8,927
Non-U.S.	12,631		(697		)	11,934
	$	137,717	$	(54,517	)	$	83,200
Year Ended December 31, 2011
U.S. Federal	$	42,950	$	26,732		$	69,682
State and Local	15,937		10,475			26,412
Non-U.S.	9,129		(823		)	8,306
	$	68,016	$	36,384		$	104,400

Schedule of Effective Income Tax Rate Reconciliation

The provision for income taxes on continuing operations exceeds the amount of income tax determined by applying the U.S. Federal statutory rate of 35% to income from continuing operations before taxes as a result of the following:

	Year Ended December 31
(in thousands)	2013			2012			2011
U.S. Federal taxes at statutory rate	$	105,429		$	54,341		$	89,526
State and local taxes, net of U.S. Federal tax	3,097			9,247			4,143
Valuation allowances against state tax benefits, net of U.S. Federal tax	(2,638		)	(3,443		)	9,748
Tax provided on non-U.S. subsidiary earnings and distributions at more (less) than the
expected U.S. Federal statutory tax rate	694			(7,320		)	(6,882		)
Valuation allowances against non-U.S. income tax benefits	7,233			15,966			8,072
Goodwill impairment	—			12,776			—
U.S. Federal Manufacturing Deduction tax (benefit) expense	(5,218		)	(3,323		)	1,365
Other, net	1,403			4,956			(1,572		)
Provision for Income Taxes	$	110,000		$	83,200		$	104,400

Schedule of Deferred Tax Assets and Liabilities

Deferred income taxes consist of the following:

	As of December 31
(in thousands)	2013			2012
Accrued postretirement benefits	$	15,408		$	25,287
Other benefit obligations	101,923			123,306
Accounts receivable	24,911			31,073
State income tax loss carryforwards	30,036			34,578
U.S. Federal income tax loss carryforwards	2,613			2,857
U.S. Federal capital loss carryforwards	—			10,837
U.S. Federal foreign income tax credit carryforwards	8,265			6,781
Non-U.S. income tax loss carryforwards	32,600			27,039
Other	61,753			58,133
Deferred Tax Assets	277,509			319,891
Valuation allowances	(72,767		)	(78,109		)
Deferred Tax Assets, Net	$	204,742		$	241,782
Property, plant and equipment	134,627			175,025
Prepaid pension cost	497,727			241,846
Unrealized gain on available-for-sale securities	115,785			73,712
Goodwill and other intangible assets	293,749			276,652
Deferred Tax Liabilities	$	1,041,888		$	767,235
Deferred Income Tax Liabilities, Net	$	837,146		$	525,453

Schedule of Changes in Deferred Tax Valuation Allowance

Deferred tax valuation allowances and changes in deferred tax valuation allowances were as follows:

(in thousands)	Balance at Beginning of Period		Tax Expense and Revaluation			Deductions	Balance at End of Period
Year ended
December 31, 2013	$	78,109	$	(5,342	)	—	$	72,767
December 31, 2012	$	59,179	$	18,930		—	$	78,109
December 31, 2011	$	41,359	$	17,820		—	$	59,179

State [Member]

Schedule of Income Tax Loss Carryforwards

The Company has $597.1 million of state income tax loss carryforwards available to offset future state taxable income. State income tax loss carryforwards, if unutilized, will start to expire approximately as follows:

(in millions)
2014	$	5.3
2015	5.4
2016	5.7
2017	2.5
2018	4.5
2019 and after	573.7
Total	$	597.1

U.S. Federal [Member]

Schedule of Income Tax Loss Carryforwards

The Company has $7.4 million of U.S. Federal income tax loss carryforwards obtained as a result of prior stock acquisitions. U.S. Federal income tax loss carryforwards are expected to be fully utilized as follows:

(in millions)
2014	$	0.7
2015	0.7
2016	0.7
2017	0.7
2018	0.7
2019 and after	3.9
Total	$	7.4