Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

(Loss) Income Before Income Taxes and Equity Losses in Chinese Joint Venture

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

	2014			2013		2012
Domestic	$	(1,182	)	$	25,269	$	14,754
Foreign		290			1,911		413
	$	(892	)	$	27,180	$	15,167

Income Tax Provision

The income tax provision consisted of the following:
	2014			2013			2012
Current:
Federal	$	3,458		$	5,535		$	2,550
State		210			139			184
Foreign		122			28			(61	)
		3,790			5,702			2,673
Deferred:
Federal		(4,678	)		(488	)		2,142
State		54			133			360
Foreign		101			622			175
Reversal of valuation allowance		(33	)		(156	)		(132	)
		(4,556	)		111			2,545
	$	(766	)	$	5,813		$	5,218

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:
	2014			2013			2012
Computed at statutory rate	$	(312	)	$	9,513		$	5,309
Tax differential on non-U.S. earnings		128			(340	)		(119	)
State income taxes		(227	)		741			619
Manufacturers deduction (I.R.C. Section 199)		(359	)		(566	)		(257	)
Meals and entertainment		224			205			198
Tax credits		(12	)		(145	)		(64	)
Chinese joint venture		(371	)		(3,125	)		(558	)
Reversal of valuation allowance		(33	)		(156	)		(132	)
Change in tax rates		301			(472	)		(143	)
Change in uncertain tax positions		(80	)		(172	)		87
Other – net		(25	)		330			278
	$	(766	)	$	5,813		$	5,218

Deferred Income Tax Assets and Liabilities

Deferred income tax assets and liabilities as of December 31, 2014 and 2013 are summarized below.  

	2014			2013
Assets:
Employment – related liabilities	$	10,726		$	11,946
Pension liability – foreign		4,041			2,434
Pension liability – domestic		15,849			5,137
Liabilities related to discontinued operations		733			959
Capital loss carryforwards		253			273
Asbestos-related liability		18,252			18,172
Net operating loss – state		2,029			1,654
Inventory related		3,458			2,644
Impairment charge associated with investment in UES-MG		2,344			2,316
Other		3,546			3,939
Gross deferred income tax assets		61,231			49,474
Valuation allowance		(3,254	)		(2,639	)
		57,977			46,835
Liabilities:
Depreciation		(30,429	)		(31,918	)
Mark-to-market adjustment – derivatives		(23	)		(73	)
Other		(1,993	)		(2,495	)
Gross deferred income tax liabilities		(32,445	)		(34,486	)
Net deferred income tax assets	$	25,532		$	12,349

Summary of Changes in Unrecognized Tax Benefits

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

	2014			2013			2012
Balance at the beginning of the year	$	270		$	442		$	311
Gross increases for tax positions taken in the current year		0			8			233
Gross increases for tax positions taken in prior years		2			12			18
Gross decreases in tax positions due to lapse in statute of limitations		(61	)		0			(120	)
Gross decreases for tax positions taken in prior years		(17	)		(192	)		0
Gross decreases for tax settlements with taxing authorities		(142	)		0			0
Balance at the end of the year	$	52		$	270		$	442