Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Components of income tax expense (benefit) associated with earnings from continuing operations

The components of income tax expense (benefit) associated with continuing operations are as follows:



	For the year ended December 31,
	2014			2013			2012
In thousands
Current:
Federal	$	26,296		$	21,916		$	25,110
State	(796		)	3,731			1,627
Foreign	905			1,768			1,123
	26,405			27,415			27,860
Deferred:
Federal	5,256			5,688			(455		)
State	(380		)	(270		)	915
Foreign	(559		)	(1,245		)	(1,572		)
	4,317			4,173			(1,112		)
Total	$	30,722		$	31,588		$	26,748

Tax effects of temporary differences that give rise to deferred tax assets and liabilities

The tax effects of temporary differences that give rise to deferred tax assets and liabilities are presented below:



	At December 31,
	2014			2013
In thousands
Deferred tax assets:
Deferred employee benefits	$	75,026		$	53,108
Inventories	10,332			13,797
Tax loss and credit carryforwards	9,895			7,540
Long-term contracts	3,477			6,345
Accrued liabilities and other items	11,627			11,295
Total deferred tax assets	110,357			92,085
Deferred tax liabilities:
Property, plant and equipment	(15,666		)	(17,741		)
Intangibles	(29,693		)	(28,798		)
Other items	(3,096		)	(4,382		)
Total deferred tax liabilities	(48,455		)	(50,921		)
Net deferred tax assets before valuation allowance	61,902			41,164
Valuation allowance	(4,694		)	(4,657		)
Net deferred tax assets after valuation allowance	$	57,208		$	36,507

Schedule of Effective Income Tax Rate Reconciliation

The provision for income taxes associated with continuing operations differs from that computed at the federal statutory corporate tax rate as follows:



	For the year ended December 31,
	2014			2013			2012
In thousands
Federal tax at 35% statutory rate	$	33,776		$	31,729		$	27,893
State income taxes, net of federal benefit	(765		)	2,250			1,652
Tax effect of:
Section 199 Manufacturing deduction	(2,000		)	(2,200		)	(1,400		)
Other, net	(289		)	(191		)	(1,397		)
Income tax expense	$	30,722		$	31,588		$	26,748

Change in the liability for uncertain tax positions

The change in the liability for 2014, 2013 and 2012 is explained as follows:



	2014			2013			2012
In thousands
Balance at January 1	$	2,302		$	3,886		$	4,388
Additions based on current year tax positions	512			364			258
Changes for tax positions of prior years	33			(907		)	113
Settlements	(165		)	(264		)	(82		)
Additions due to acquired business	—			414			—
Reductions due to lapses in statutes of limitation	(241		)	(1,191		)	(791		)
Balance at December 31	$	2,441		$	2,302		$	3,886