Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Components of Provision for Income Taxes

The provision for income taxes consists of the following:

	For the years ended December 31,
In thousands	2015		2014			2013
Current:
Federal	$	18,291	$	8,069		$	5,477
State	1,204		1,334			709
Foreign	1,684		3,883			2,032
Total Current	21,179		13,286			8,218
Deferred:
Federal	$	1,583	$	(42	)	$	1,609
State	1,696		(1,626		)	(1,144		)
Foreign	306		191			504
Total Deferred	3,585		(1,477		)	969
Provision for income taxes	$	24,764	$	11,809		$	9,187

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 and the provision computed by applying the federal statutory tax rate on earnings:

	For the years ended December 31,
	2015		2014		2013
Statutory federal income tax rate	35.0	%	35.0	%	35.0	%
State income taxes	2.9		0.8		2.9
Valuation allowances for deferred tax assets, including state	1.3		1.3		(1.8	)
Research and development credits	(1.5	)	(0.5	)	(1.1	)
Capitalized transaction costs	—		2.0		—
Domestic production activities deduction	(1.6	)	(2.6	)	(2.7	)
Foreign income taxed at lower rates	(1.3	)	(3.5	)	—
Other	0.1		2.6		0.1
Effective income tax rate	34.9	%	35.1	%	32.4	%

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, 2015 and 2014:

	2015				2014
	Deferred Tax Assets				Deferred Tax Assets
In thousands	Current		Long-term		Current		Long-term
Federal	$	3,684	$	—	$	3,399	$	—
State	147		134		711		1,408
Foreign	782		—		1,504		—
Totals	$	4,613	$	134	$	5,614	$	1,408

	2015				2014
	Deferred Tax Liabilities				Deferred Tax Liabilities
In thousands	Current		Long-term		Current		Long-term
Federal	$	—	$	12,504	$	—	$	10,562
State	—		—		—		—
Foreign	—		2,493		—		3,305
Totals	$	—	$	14,997	$	—	$	13,867

Components of Deferred Tax Asset and Liability

Net deferred tax assets (liabilities) consist of the following as of December 31, 2015 and 2014:

	December 31,
In thousands	2015			2014
Deferred tax assets:
Accounts receivable	$	218		$	211
Inventories	741			884
Net operating loss carryforwards	4,213			4,992
Other accrued liabilities	2,745			3,341
Pension	3,684			7,295
Tax Credits	1,634			1,879
Total deferred tax assets	13,235			18,602
Deferred tax liabilities:
Intangible assets	4,077			6,525
Property, plant and equipment	15,101			15,195
Total deferred tax liabilities	19,178			21,720
Valuation allowance	4,307			3,727
Net deferred tax liabilities	$	(10,250	)	$	(6,845	)

Schedule of Income from Continuing Operations before Income Taxes

For the years ended December 31, 2015, 2014 and 2013, income before income taxes was derived from the following sources:

	For the years ended December 31,
In thousands	2015		2014		2013
United States	$	64,923	$	27,463	$	23,433
Foreign	6,100		6,193		4,909
Total income before income taxes	$	71,023	$	33,656	$	28,342

Reconciliation of Unrecognized Tax Benefits

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

In thousands	2015			2014
Unrecognized tax benefits at beginning of year	$	2,272		$	1,864
Increases relating to positions taken in prior periods	—			20
Increases relating to current period	49			388
Decreases due to settlements with tax authorities	(336		)	—
Decreases due to lapse of statute of limitations	(328		)	—
Unrecognized tax benefits at end of year	$	1,657		$	2,272