Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

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



(in thousands) For year ended December 31,	2014		2013		2012
U.S. operations	$	141,772	$	177,257	$	175,055
Non-U.S. operations	139,384		148,759		109,550
Total	$	281,156	$	326,016	$	284,605

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,	2014		2013		2012
Current:
U.S. federal tax	$	14,008	$	11,401	$	5,154
U.S. state and local tax	2,618		3,366		1,948
Non-U.S. tax	33,055		41,334		26,314
Total current	49,681		56,101		33,416
Deferred:
U.S. federal tax	30,093		43,743		52,948
U.S. state and local tax	1,314		628		1,068
Non-U.S. tax	6,499		4,593		984
Total deferred	37,906		48,964		55,000
Total provision (benefit) for income taxes	$	87,587	$	105,065	$	88,416

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,	2014		2013		2012
Statutory U.S. federal tax rate	35.0	%	35.0	%	35.0	%
Increase (reduction) from:
Non-U.S. taxes	(4.0	)%	(2.0	)%	(4.0	)%
Repatriation of non-U.S. earnings, net of credits	0.1	%	0.1	%	0.1	%
State and local taxes, net of federal benefit	1.3	%	1.2	%	1.1	%
U.S. research and development tax credit	(1.0	)%	(1.9	)%	(0.3	)%
U.S. domestic manufacturing deduction	(0.7	)%	(1.0	)%	(0.9	)%
Non-deductible acquisition costs	—	%	2.3	%	0.5	%
Other	0.5	%	(1.5	)%	(0.4	)%
Effective tax rate	31.2	%	32.2	%	31.1	%

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,	2014			2013
Deferred tax assets:
Asbestos-related liabilities	$	182,599		$	206,178
Tax loss and credit carryforwards	113,787			136,224
Pension and post-retirement benefits	78,666			29,098
Inventories	19,304			20,760
Accrued bonus and stock-based compensation	14,908			17,003
Environmental reserves	24,472			9,920
Other	50,471			43,248
Total	484,207			462,431
Less: valuation allowance	141,018			150,591
Total deferred tax assets, net of valuation allowance	343,189			311,840
Deferred tax liabilities:
Basis difference in intangible assets	(134,798		)	(141,762		)
Basis difference in fixed assets	(25,807		)	(28,287		)
Total deferred tax liabilities	(160,605		)	(170,049		)
Net deferred tax asset	$	182,584		$	141,791
Balance sheet classification:
Current deferred tax assets	33,002			$	31,651
Long-term deferred tax assets	196,245			186,734
Accrued liabilities	(362		)	(553		)
Long-term deferred tax liability	(46,301		)	(76,041		)
Net deferred tax asset	$	182,584		$	141,791

Summary Of Tax Loss And Tax Credit Carryforwards

As of December 31, 2014, 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
2015-2018	$	14,760		$	667		$	2,756		$	27,385		$	11,898
After 2019	6,670			28,746			3,722			773,064			50,752
Indefinite	157			—			18,354			—			44,484
Total tax carryforwards	$	21,587		$	29,413		$	24,832		$	800,449		$	107,134
Deferred tax asset on tax carryforwards	$	21,587		$	10,294		$	16,141		$	37,887		$	27,878		$	113,787
Valuation allowance on tax carryforwards	(21,587		)	(373		)	(15,533		)	(37,887		)	(20,157		)	(95,537		)
Net deferred tax asset on tax carryforwards	$	—		$	9,921		$	608		$	—		$	7,721		$	18,250

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)	2014			2013			2012
Balance of liability as of January 1	$	31,379		$	19,164		$	9,590
Increase as a result of tax positions taken during a prior year	2,014			6,728			5,941
Decrease as a result of tax positions taken during a prior year	(1,153		)	(243		)	(25		)
Increase as a result of tax positions taken during the current year	11,155			5,897			3,893
Decrease as a result of settlements with taxing authorities	(1,111		)	(28		)	—
Reduction as a result of a lapse of the statute of limitations	(1,583		)	(139		)	(235		)
Balance of liability as of December 31	$	40,701		$	31,379		$	19,164