Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Taxes [Abstract]

Provision for income taxes

The provision for income taxes for continuing operations was as follows:

(In thousands)	2015			2014			2013
Currently payable:
Federal	$	20,794		$	18,642		$	21,252
State		2,936			2,264			3,065
Foreign		23,873			25,435			25,175
		47,603			46,341			49,492
Deferred (benefit) expense:
Federal		5,779			1,532			(5,125	)
State		(772	)		(935	)		502
Foreign		(10,461	)		(14,111	)		(1,534	)
		(5,454	)		(13,514	)		(6,157	)
Income taxes	$	42,149		$	32,827		$	43,335

Tax effects of temporary differences - Deferred tax assets and liabilities

The tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities consisted of the following:

(in thousands)	2015			2014
Deferred tax assets:
Benefit plans	$	12,901		$	15,507
Liabilities and reserves		18,986			19,384
Operating loss and credit carryovers		59,013			57,128
Other		3,226			6,872
Gross deferred tax assets		94,126			98,891
Valuation allowance		(36,008	)		(43,055	)
Deferred tax assets		58,118			55,836
Deferred tax liabilities:
Property, plant and equipment		(1,850	)		(1,619	)
Other assets		(907	)		(1,462	)
Goodwill		(27,824	)		(28,583	)
Other		(8,000	)		(1,426	)
Deferred tax liabilities		(38,581	)		(33,090	)
Net deferred tax assets	$	19,537		$	22,746

Effective income tax rate reconciliation

The effective tax rate for continuing operations differed from the statutory federal income tax rate of 35% as described below:

	2015			2014			2013
Taxes at statutory rate		35.0	%		35.0	%		35.0	%
State income taxes, net of federal income tax benefit		1.7			1.9			1.1
Tax credits		(0.7	)		(0.4	)		(0.3	)
Taxes on foreign earnings		(0.8	)		(4.7	)		(5.3	)
Resolution of prior years’ tax matters		(0.3	)		(0.6	)		(0.7	)
U.S. manufacturing deduction		(1.9	)		(2.0	)		(1.6	)
Valuation allowance adjustments		(5.0	)		0.2			(0.8	)
Other, net		0.2			(0.8	)		0.1
Effective tax rate		28.2	%		28.6	%		27.5	%

Earnings before income taxes

Earnings from continuing operations before income taxes were as follows:

(In thousands)	2015		2014		2013
United States	$	87,749	$	56,211	$	55,461
Foreign		61,647		58,387		102,172
Total	$	149,396	$	114,598	$	157,633

Reconciliation of the change in liability for unrecognized tax benefits

A reconciliation of the change in the liability for unrecognized tax benefits for 2015 and 2014 is as follows:

(in thousands)	2015			2014
Balance at beginning of year	$	13,940		$	5,295
Increases for tax positions taken in the current year		1,322			718
Increases for tax positions taken in prior years		1,061			10,238
Decreases related to settlements with tax authorities		(10,610	)		(1,044	)
Decreases as a result of lapse of the applicable statutes of limitations		(278	)		(751	)
Foreign currency exchange rate changes		(472	)		(516	)
Balance at the end of year	$	4,963		$	13,940