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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2017
Income Taxes [Abstract]  
Provision for Income Taxes
The provision for income taxes for continuing operations was as follows:

(In thousands)
 
2017
  
2016
  
2015
 
Currently payable:
         
Federal (1)
 
$
15,513
  
$
12,145
  
$
20,794
 
State
  
642
   
2,631
   
2,936
 
Foreign
  
25,254
   
19,168
   
23,873
 
   
41,409
   
33,944
   
47,603
 
Deferred (benefit) expense:
            
Federal
  
18,458
   
7,630
   
5,779
 
State
  
215
   
1,656
   
(772
)
Foreign
  
(1,259
)
  
1,142
   
(10,461
)
   
17,414
   
10,428
   
(5,454
)
Income taxes
 
$
58,823
  
$
44,372
  
$
42,149
 

(1)
This amount includes $7.4 million related to the one-time transition tax on earnings of foreign subsidiaries enacted by the 2017 Tax Legislation (See discussion below).  Approximately $5.1 million of this amount is reported in Other liabilities on the Consolidated Balance Sheet at December 31, 2017.
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)
 
2017
  
2016
 
Deferred tax assets:
      
Benefit plans
 
$
8,440
  
$
11,040
 
Liabilities and reserves
  
11,141
   
15,733
 
Operating loss and credit carryovers
  
40,164
   
49,778
 
Other
  
1,007
   
3,181
 
Gross deferred tax assets
  
60,752
   
79,732
 
Valuation allowance
  
(38,366
)
  
(35,426
)
Deferred tax assets
  
22,386
   
44,306
 
Deferred tax liabilities:
        
Property, plant and equipment
  
(12,458
)
  
(1,186
)
Other assets
  
-
   
(353
)
Goodwill
  
(20,345
)
  
(27,863
)
Other
  
(422
)
  
(12,434
)
Deferred tax liabilities
  
(33,225
)
  
(41,836
)
Net deferred tax (liabilities) assets
 
$
(10,839
)
 
$
2,470
 
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:

  
2017
  
2016
  
2015
 
Taxes at statutory rate
  
35.0
%
  
35.0
%
  
35.0
%
State income taxes, net of federal income tax benefit
  
0.3
   
1.4
   
1.7
 
Tax credits
  
(1.1
)
  
(1.8
)
  
(0.7
)
Taxes on foreign earnings
  
0.2
   
(4.4
)
  
(0.8
)
Resolution of prior years’ tax matters
  
0.1
   
-
   
(0.3
)
U.S. manufacturing deduction
  
(1.4
)
  
(2.0
)
  
(1.9
)
Valuation allowance adjustments
  
-
   
(0.3
)
  
(5.0
)
2017 Tax Legislation
  
12.4
   
-
   
-
 
Loss on foreign branch remittances
  
(5.2
)
   -
 
  
-
 
Other, net
  
(0.7
)
  
(1.4
)
  
0.2
 
Effective tax rate
  
39.6
%
  
26.5
%
  
28.2
%
Earnings Before Income Taxes
Earnings from continuing operations before income taxes were as follows:
 
(In thousands)
 
2017
  
2016
  
2015
 
       
United States
 
$
88,479
  
$
96,963
  
$
87,749
 
Foreign
  
59,944
   
70,322
   
61,647
 
Total
 
$
148,423
  
$
167,285
  
$
149,396
 
Reconciliation of Change in Liability for Unrecognized Tax Benefits
A reconciliation of the change in the liability for unrecognized tax benefits for 2017 and 2016 is as follows:

(in thousands)
 
2017
  
2016
 
Balance at beginning of year
 
$
4,947
  
$
4,963
 
Increases for tax positions taken in the current year
  
871
   
570
 
Increases for tax positions taken in prior years
  
553
   
1,204
 
Decreases related to settlements with tax authorities
  
(76
)
  
(1,172
)
Decreases as a result of lapse of the applicable statutes of limitations
  
(607
)
  
(426
)
Foreign currency exchange rate changes
  
588
   
(192
)
Balance at the end of year
 
$
6,276
  
$
4,947