Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Components of Provision for Income Taxes

The provision for income taxes from continuing operations consists of the following:

	For the years ended December 31,
In thousands	2014			2013			2012
Current:
Federal	$	8,069		$	5,477		$	3,208
State	1,334			709			265
Foreign	3,883			2,032			2,352
Total Current	13,286			8,218			5,825
Deferred:
Federal	$	(42	)	$	1,609		$	(2,031	)
State	(1,626		)	(1,144		)	(291		)
Foreign	191			504			673
Total Deferred	(1,477		)	969			(1,649		)
Provision for income taxes	$	11,809		$	9,187		$	4,176

Reconciliation of the Difference between the Actual Provisions for Income Taxes

The following is a reconciliation of the difference between the actual provision for income taxes from continuing operations and the provision computed by applying the federal statutory tax rate on earnings:

	For the years ended December 31,
	2014		2013		2012
Statutory federal income tax rate	35.0	%	35.0	%	35.0	%
State income taxes	0.8		2.9		2.2
Valuation allowances for deferred tax assets, including state	1.3		(1.8	)	(17.8	)
Foreign dividends	—		0.5		0.9
Capitalized transaction costs	2.0		—		—
Domestic production activities deduction	(2.6	)	(2.7	)	(2.4	)
Foreign income taxed at lower rates	(3.5	)	—		—
Other	2.1		(1.5	)	2.0
Effective income tax rate	35.1	%	32.4	%	19.9	%

Schedule Presents Net Current and Net Long-Term Deferred Tax Assets and Liabilities by Tax Jurisdiction

The following schedule presents net current and net long-term deferred tax assets and liabilities by tax jurisdiction as of December 31, 2014 and 2013:

	2014				2013
	Deferred Tax Assets				Deferred Tax Assets
In thousands	Current		Long-term		Current		Long-term
Federal	$	3,399	$	—	$	3,219	$	—
State	711		1,408		321		479
Foreign	1,504		—		398		95
Totals	$	5,614	$	1,408	$	3,938	$	574

	2014				2013
	Deferred Tax Liabilities				Deferred Tax Liabilities
In thousands	Current		Long-term		Current		Long-term
Federal	$	—	$	10,562	$	—	$	7,780
State	—		—		—		—
Foreign	—		3,305		—		967
Totals	$	—	$	13,867	$	—	$	8,747

Components of Deferred Tax Asset and Liability

Net deferred tax assets (liabilities) consist of the following as of December 31, 2014 and 2013:

	December 31,
In thousands	2014			2013
Deferred tax assets:
Accounts receivable	$	211		$	127
Inventories	884			939
Net operating loss carryforwards	4,992			4,566
Other accrued liabilities	3,341			2,020
Pension	7,295			5,268
Tax Credits	1,879			1,953
Total deferred tax assets	18,602			14,873
Deferred tax liabilities:
Domestic liability of foreign assets	$	—		$	96
Intangible assets	6,525			6,066
Property, plant and equipment	15,195			9,631
Total deferred tax liabilities	21,720			15,793
Valuation allowance	3,727			3,315
Net deferred tax liabilities	$	(6,845	)	$	(4,235	)

Schedule of Income from Continuing Operations before Income Taxes

For the years ended December 31, 2014, 2013 and 2012, income from continuing operations before income taxes was derived from the following sources:

	For the years ended December 31,
In thousands	2014		2013		2012
United States	$	27,463	$	23,433	$	14,573
Foreign	6,193		4,909		6,409
Total income before income taxes	$	33,656	$	28,342	$	20,982

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows:

In thousands	2014		2013
Unrecognized tax benefits at beginning of year	$	1,864	$	1,029
Increases relating to positions taken in prior periods	20		678
Increases relating to current period	388		586
Decreases due to settlements with tax authorities	—		—
Decreases due to lapse of statute of limitations	—		(429		)
Unrecognized tax benefits at end of year	$	2,272	$	1,864