Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Taxes [Abstract]

Provision for Income Taxes

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

(In thousands)	2016		2015			2014
Currently payable:
Federal	$	12,145	$	20,794		$	18,642
State		2,631		2,936			2,264
Foreign		19,168		23,873			25,435
		33,944		47,603			46,341
Deferred (benefit) expense:
Federal		7,630		5,779			1,532
State		1,656		(772	)		(935	)
Foreign		1,142		(10,461	)		(14,111	)
		10,428		(5,454	)		(13,514	)
Income taxes	$	44,372	$	42,149		$	32,827

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)	2016			2015
Deferred tax assets:
Benefit plans	$	11,040		$	12,901
Liabilities and reserves		15,733			18,986
Operating loss and credit carryovers		49,778			59,013
Other		3,181			3,226
Gross deferred tax assets		79,732			94,126
Valuation allowance		(35,426	)		(36,008	)
Deferred tax assets		44,306			58,118
Deferred tax liabilities:
Property, plant and equipment		(1,186	)		(1,850	)
Other assets		(353	)		(907	)
Goodwill		(27,863	)		(27,824	)
Other		(12,434	)		(8,000	)
Deferred tax liabilities		(41,836	)		(38,581	)
Net deferred tax assets	$	2,470		$	19,537

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:

	2016			2015			2014
Taxes at statutory rate		35.0	%		35.0	%		35.0	%
State income taxes, net of federal income tax benefit		1.4			1.7			1.9
Tax credits		(1.8	)		(0.7	)		(0.4	)
Taxes on foreign earnings		(4.4	)		(0.8	)		(4.7	)
Resolution of prior years’ tax matters		-			(0.3	)		(0.6	)
U.S. manufacturing deduction		(2.0	)		(1.9	)		(2.0	)
Valuation allowance adjustments		(0.3	)		(5.0	)		0.2
Other, net		(1.4	)		0.2			(0.8	)
Effective tax rate		26.5	%		28.2	%		28.6	%

Earnings Before Income Taxes

Earnings from continuing operations before income taxes were as follows:

(In thousands)		2016		2015		2014
United States	$	96,963	$	87,749	$	56,211
Foreign		70,322		61,647		58,387
Total	$	167,285	$	149,396	$	114,598

Reconciliation of Change in Liability for Unrecognized Tax Benefits

A reconciliation of the change in the liability for unrecognized tax benefits for 2016 and 2015 is as follows:

(in thousands)	2016			2015
Balance at beginning of year	$	4,963		$	13,940
Increases for tax positions taken in the current year		570			1,322
Increases for tax positions taken in prior years		1,204			1,061
Decreases related to settlements with tax authorities		(1,172	)		(10,610	)
Decreases as a result of lapse of the applicable statutes of limitations		(426	)		(278	)
Foreign currency exchange rate changes		(192	)		(472	)
Balance at the end of year	$	4,947		$	4,963