Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of Components of Provision for Income Taxes

The provision for income taxes consists of the following:



	For the years ended December 31,
In thousands	2017			2016			2015
Current:
Federal	$	11,526		$	15,376		$	18,291
State	956			1,513			1,204
Foreign	2,425			2,104			1,684
Total Current	$	14,907		$	18,993		$	21,179
Deferred:
Federal	$	(2,472	)	$	(594	)	$	1,583
State	256			601			1,696
Foreign	(717		)	(1,179		)	306
Total Deferred	(2,933		)	(1,172		)	3,585
Provision for income taxes	$	11,974		$	17,821		$	24,764

Schedule of 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,
	2017		2016		2015
Statutory federal income tax rate	35.0	%	35.0	%	35.0	%
State income taxes	1.6		2.1		2.9
Valuation allowances for deferred tax assets, including state	0.1		1.3		1.3
Research and development credits	(1.0	)	(1.2	)	(1.5	)
Capitalized transaction costs	—		0.7		—
Domestic production activities deduction	(1.8	)	(2.7	)	(1.6	)
Stock based compensation	(4.4	)	(2.1	)	(0.2	)
German Cartel settlement	—		2.2		—
Foreign operations and intercompany financing	(2.8	)	(3.5	)	(1.3	)
Reserves for uncertain tax positions	(1.7	)	(0.1	)	(0.4	)
Repatriation of foreign undistributed earnings	1.3		—		—
Revaluation of deferred tax liabilities due to federal rate change	(7.3	)	—		—
Other	0.5		0.7		0.7
Effective income tax rate	19.5	%	32.4	%	34.9	%

Schedule of 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, 2017 and 2016:



	2017				2016
	Deferred Tax Assets				Deferred Tax Assets
In thousands	Current		Long-term		Current		Long-term
Federal	$	—	$	—	$	—	$	—
State	—		—		—		—
Foreign	—		1,146		—		248
Totals	$	—	$	1,146	$	—	$	248



	2017				2016
	Deferred Tax Liabilities				Deferred Tax Liabilities
In thousands	Current		Long-term		Current		Long-term
Federal	$	—	$	7,288	$	—	$	7,705
State	—		424		—		531
Foreign	—		7,002		—		7,613
Totals	$	—	$	14,714	$	—	$	15,849

Schedule of Components of Deferred Tax Asset and Liability

Net deferred tax assets (liabilities) consist of the following as of December 31, 2017 and 2016:



	December 31,
In thousands	2017			2016
Deferred tax assets:
Accounts receivable	$	132		$	225
Inventories	164			743
Net operating loss carryforwards	5,339			3,851
Other accrued liabilities	1,053			4,592
Pension	1,482			3,545
Tax Credits	1,735			1,687
Total deferred tax assets	9,905			14,643
Deferred tax liabilities:
Intangible assets	2,073			4,224
Property, plant and equipment	15,691			21,117
Total deferred tax liabilities	17,764			25,341
Valuation allowance	5,709			4,903
Net deferred tax liabilities	$	(13,568	)	$	(15,601	)

Schedule of Income from Continuing Operations before Income Taxes

For the years ended December 31, 2017, 2016 and 2015, income before income taxes was derived from the following sources:



	For the years ended December 31,
In thousands	2017		2016		2015
United States	$	54,212	$	53,356	$	64,923
Foreign	7,107		1,583		6,100
Total income before income taxes	$	61,319	$	54,939	$	71,023

Schedule of Reconciliation of Unrecognized Tax Benefits

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



In thousands	2017			2016
Unrecognized tax benefits at beginning of year	$	3,219		$	1,657
Decreases relating to positions taken in prior periods	—			(63		)
Increases relating to positions taken in prior periods	221			—
Increases relating to current period	475			1,678
Decreases due to settlements with tax authorities	(1,372		)	—
Decreases due to lapse of statute of limitations	(17		)	(53		)
Unrecognized tax benefits at end of year	$	2,526		$	3,219