Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Income Tax Disclosure [Abstract]

Schedule Of Income Before Taxes

The Company’s income (loss) from continuing operations before taxes is as follows:

(in thousands) For year ended December 31,	2012		2011			2010
U.S. operations	$	175,055	$	(121,411	)	$	102,833
Non-U.S. operations	109,550		136,172			106,234
Total	$	284,605	$	14,761		$	209,067

Schedule Of Provision For Income Taxes

The Company’s provision (benefit) for income taxes from continuing operations consists of:

(in thousands) For year ended December 31,	2012		2011			2010
Current:
U.S. federal tax	$	5,154	$	1,124		$	(3,099	)
U.S. state and local tax	1,948		1,928			1,173
Non-U.S. tax	26,314		32,816			26,560
Total current	33,416		35,868			24,634
Deferred:
U.S. federal tax	52,948		(45,576		)	26,326
U.S. state and local tax	1,068		524			238
Non-U.S. tax	984		1,129			4,889
Total deferred	55,000		(43,923		)	31,453
Total provision (benefit) for income taxes	$	88,416	$	(8,055	)	$	56,087

Schedule Of Deferred Tax Assets And Liabilities

A reconciliation of the statutory U.S. federal tax rate to the Company’s effective tax rate from continuing operations is as follows:

(in thousands) For year ended December 31,	2012		2011		2010
Statutory U.S. federal tax rate	35.0	%	35.0	%	35.0	%
Increase (reduction) from:
Non-U.S. taxes	(4.0	)%	(98.4	)%	(3.1	)%
Repatriation of non-U.S. earnings, net of credits	0.1	%	8.8	%	1.2	%
Deferred taxes on earnings of non-U.S. subsidiaries	—	%	—	%	(2.4	)%
State and local taxes, net of federal benefit	1.1	%	18.4	%	0.7	%
U.S. research and development tax credit	(0.3	)%	(15.3	)%	(3.0	)%
U.S. domestic manufacturing deduction	(0.9	)%	(12.7	)%	(0.9	)%
Other	0.1	%	8.9	%	(0.7	)%
Effective tax rate	31.1	%	(55.3	)%	26.8	%

Reconciliation Of The Statutory U.S. Federal Rate To The Effective Tax Rate

The components of deferred tax assets and liabilities included on the Company’s Consolidated Balance Sheets are as follows:

(in thousands) December 31,	2012			2011
Deferred tax assets:
Asbestos-related liabilities	$	230,166		$	260,969
Tax loss and credit carryforwards	77,098			93,337
Environmental reserves	12,614			20,042
Inventories	12,827			15,858
Accrued bonus and stock-based compensation	12,470			12,488
Pension and post-retirement benefits	66,313			50,623
Other	42,348			35,362
Total	453,836			488,679
Less: valuation allowance	115,014			107,511
Total deferred tax assets, net of valuation allowance	338,822			381,168
Deferred tax liabilities:
Basis difference in fixed assets	(30,130		)	(35,341		)
Basis difference in intangible assets	(78,086		)	(75,127		)
Total deferred tax liabilities	(108,216		)	(110,468		)
Net deferred tax asset	$	230,606		$	270,700
Balance sheet classification:
Current deferred tax assets	21,618			$	46,664
Long-term deferred tax assets	245,843			265,849
Accrued liabilities	(2		)	(145		)
Long-term deferred tax liability	(36,853		)	(41,668		)
Net deferred tax asset	$	230,606		$	270,700

Summary Of Tax Loss And Tax Credit Carryforwards

As of December 31, 2012, the Company had U.S. federal, U.S. state and non-U.S. tax loss and credit carryforwards that will expire, if unused, as follows:

(in thousands) Year of expiration	U.S. Federal Tax Credits			U.S. Federal Tax Losses			U.S. State Tax Credits			U.S. State Tax Losses			Non- U.S. Tax Losses			Total
2013-2017	$	105		$	—		$	2,039		$	161,854		$	6,912
After 2017	14,547			1,067			4,162			410,775			30,656
Indefinite	—			—			15,959			—			39,088
Total tax carryforwards	$	14,652		$	1,067		$	22,160		$	572,629		$	76,656
Deferred tax asset on tax carryforwards	$	14,652		$	373		$	14,404		$	26,297		$	21,372		$	77,098
Valuation allowance on tax carryforwards	(262		)	(373		)	(13,760		)	(26,297		)	(21,372		)	(62,064		)
Net deferred tax asset on tax carryforwards	$	14,390		$	—		$	644		$	—		$	—		$	15,034

Schedule Of Gross Unrecognized Tax Benefits Reconciliation

A reconciliation of the beginning and ending amount of the Company’s gross unrecognized tax benefits, excluding interest and penalties, is as follows:

(in thousands)	2012			2011
Balance of liability as of January 1	$	9,590		$	3,725
Increase as a result of tax positions taken during a prior year	5,941			3,334
Decrease as a result of tax positions taken during a prior year	(25		)	(19		)
Increase as a result of tax positions taken during the current year	3,893			2,876
Reduction as a result of a lapse of the statute of limitations	(235		)	(326		)
Balance of liability as of December 31	$	19,164		$	9,590