Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Income Before Income Taxes and Equity Losses in Chinese Joint Venture

Income before income taxes and equity losses in Chinese joint venture is comprised of the following:

	2013		2012		2011
Domestic	$	25,269	$	14,754	$	30,629
Foreign		1,911		413		4,098
	$	27,180	$	15,167	$	34,727

Income Tax Provision

The income tax provision consisted of the following:

	2013			2012			2011
Current:
Federal	$	5,535		$	2,550		$	6,047
State		139			184			754
Foreign		28			(61	)		140
		5,702			2,673			6,941
Deferred:
Federal		(488	)		2,142			3,518
State		133			360			2
Foreign		622			175			2,633
Reversal of valuation allowance		(156	)		(132	)		(178	)
		111			2,545			5,975
	$	5,813		$	5,218		$	12,916

Difference Between Statutory U.S. Federal Income Tax and the Corporation's Effective Income Tax

The difference between statutory U.S. federal income tax and the Corporation’s effective income tax was as follows:

	2013			2012			2011
Computed at statutory rate	$	9,513		$	5,309		$	12,154
Tax differential on non-U.S. earnings		(223	)		(45	)		(358	)
State income taxes		152			403			1,296
Manufacturers deduction (I.R.C. Section 199)		(566	)		(257	)		(792	)
Meals and entertainment		205			198			220
Tax credits		(145	)		(64	)		(29	)
Chinese joint venture		(3,125	)		(558	)		(175	)
Reversal of valuation allowance		(156	)		(132	)		(178	)
Other – net		158			364			778
	$	5,813		$	5,218		$	12,916

Deferred Income Tax Assets and Liabilities

Deferred income tax assets and liabilities as of December 31, 2013 and 2012 are summarized below. 

	2013			2012
Assets:
Employment – related liabilities	$	11,946		$	12,814
Pension liability – foreign		2,434			3,984
Pension liability – domestic		5,137			19,574
Liabilities related to discontinued operations		959			1,155
Capital loss carryforwards		273			391
Asbestos-related liability		18,172			23,702
Net operating loss – state		1,654			1,795
Inventory related		2,644			2,017
Impairment charge associated with investment in UES-MG		2,316			0
Other		3,939			3,803
Gross deferred income tax assets		49,474			69,235
Valuation allowance		(2,639	)		(2,887	)
		46,835			66,348
Liabilities:
Depreciation		(31,918	)		(31,931	)
Mark-to-market adjustment – derivatives		(73	)		(153	)
Other		(2,495	)		(2,353	)
Gross deferred income tax liabilities		(34,486	)		(34,437	)
Net deferred income tax assets	$	12,349		$	31,911

Summary of Changes in Unrecognized Tax Benefits

The following summarizes changes in unrecognized tax benefits for the year ended December 31:

	2013			2012			2011
Balance at the beginning of the year	$	442		$	311		$	786
Gross increases for tax positions taken in the current year		8			233			81
Gross increases for tax positions taken in prior years		12			18			0
Gross decreases in tax positions due to lapse in statute of limitations		0			(120	)		(498	)
Gross decreases for tax positions taken in prior years		(192	)		0			(25	)
Gross decreases for tax settlements with taxing authorities		0			0			(33	)
Balance at the end of the year	$	270		$	442		$	311