Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

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	2016			2015		2014
Current:
Federal	$	15,376		$	18,291	$	8,069
State	1,513			1,204		1,334
Foreign	2,104			1,684		3,883
Total Current	18,993			21,179		13,286
Deferred:
Federal	$	(594	)	$	1,583	$	(42	)
State	601			1,696		(1,626		)
Foreign	(1,179		)	306		191
Total Deferred	(1,172		)	3,585		(1,477		)
Provision for income taxes	$	17,821		$	24,764	$	11,809

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,
	2016		2015		2014
Statutory federal income tax rate	35.0	%	35.0	%	35.0	%
State income taxes	2.1		2.9		0.8
Valuation allowances for deferred tax assets, including state	1.3		1.3		1.3
Research and development credits	(1.2	)	(1.5	)	(0.5	)
Capitalized transaction costs	0.7		—		2.0
Domestic production activities deduction	(2.7	)	(1.6	)	(2.6	)
Stock based compensation	(2.1	)	(0.2	)	(0.1	)
German Cartel settlement	2.2		—		—
Foreign income taxed at lower rates	(2.4	)	(1.3	)	(3.5	)
Other	(0.5	)	0.3		2.7
Effective income tax rate	32.4	%	34.9	%	35.1	%

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, 2016 and 2015:

	2016				2015
	Deferred Tax Assets				Deferred Tax Assets
In thousands	Current		Long-term		Current		Long-term
Federal	$	—	$	—	$	3,684	$	—
State	—		—		147		134
Foreign	—		248		782		—
Totals	$	—	$	248	$	4,613	$	134

	2016				2015
	Deferred Tax Liabilities				Deferred Tax Liabilities
In thousands	Current		Long-term		Current		Long-term
Federal	$	—	$	7,705	$	—	$	12,504
State	—		531		—		—
Foreign	—		7,613		—		2,493
Totals	$	—	$	15,849	$	—	$	14,997

Components of Deferred Tax Asset and Liability

Net deferred tax assets (liabilities) consist of the following as of December 31, 2016 and 2015:

	December 31,
In thousands	2016			2015
Deferred tax assets:
Accounts receivable	$	225		$	218
Inventories	743			741
Net operating loss carryforwards	3,851			4,213
Other accrued liabilities	4,592			2,745
Pension	3,545			3,684
Tax Credits	1,687			1,634
Total deferred tax assets	14,643			13,235
Deferred tax liabilities:
Intangible assets	4,224			4,077
Property, plant and equipment	21,117			15,101
Total deferred tax liabilities	25,341			19,178
Valuation allowance	4,903			4,307
Net deferred tax liabilities	$	(15,601	)	$	(10,250	)

Schedule of Income from Continuing Operations before Income Taxes

For the years ended December 31, 2016, 2015 and 2014, income before income taxes was derived from the following sources:

	For the years ended December 31,
In thousands	2016		2015		2014
United States	$	53,356	$	64,923	$	27,463
Foreign	1,583		6,100		6,193
Total income before income taxes	$	54,939	$	71,023	$	33,656

Reconciliation of Unrecognized Tax Benefits

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

In thousands	2016			2015
Unrecognized tax benefits at beginning of year	$	1,657		$	2,272
Decreases relating to positions taken in prior periods	(63		)	—
Increases relating to current period	1,678			49
Decreases due to settlements with tax authorities	—			(336		)
Decreases due to lapse of statute of limitations	(53		)	(328		)
Unrecognized tax benefits at end of year	$	3,219		$	1,657