Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Income before income taxes consists of the following:

The provision for income taxes consist of the following (benefits)/provisions:

The (benefit)/provision for income taxes differs from the statutory federal income tax rate of 35% for 2012, 2011 and 2010 as follows:

	December 31,
	2012			2011			2010

Income tax provision at U.S federal statutory rate	$	10,979		$	6,978		$	5,241
State and local taxes, net of federal income tax benefits		(1	)		14			17
Effect of foreign income taxed at rates other than the U.S. federal statutory rate		(1,780	)		469			610
Foreign income inclusions		4,563			8,398			13,869
Tax credits		(177	)		(196	)		-
Indefinite-lived intangibles		-			204			204
Net change in valuation allowance		(45,105	)		(9,546	)		(14,246	)
Other		(340	)		(119	)		(30	)
Total	$	(31,861	)	$	6,202		$	5,665

The components of deferred tax assets and liabilities as of December 31, 2012 and 2011 relate to temporary differences and carryforwards as follows:

	December 31,
	2012			2011
Current deferred tax assets:
Inventory	$	2,263		$	2,281
Legal and related reserves		100			508
Other		121			120
Current deferred tax assets		2,484			2,909
Valuation allowances		(754	)		(1,991	)
Total current deferred tax assets	$	1,730		$	918

Current deferred tax liabilities:
Unremitted foreign earnings	$	541		$	-
Other		2			856
Total current deferred tax liabilities	$	543		$	856

	December 31,
	2012			2011
Non-current deferred tax assets:
Foreign tax credit carryforwards	$	35,410		$	50,936
Environmental		850			1,549
Net capital loss carryforwards (domestic)		31			15
Net operating loss carryforwards (foreign)		902			996
Employee benefits		17,977			17,138
Restructuring		334			18
Research & experimentation tax credit carryforwards		1,681			1,630
Alternative minimum tax credit carryforwards		2,604			3,070
Property, plant and equipment		4,228			3,498
Other		4,432			3,817
Non-current deferred tax assets		68,449			82,667
Valuation allowances		(29,187	)		(75,580	)
Total non-current deferred tax assets		39,262			7,087

Non-current deferred tax liabilities:
Property, plant and equipment		6,523			7,960
Intangibles and other		9,510			11,558
Foreign tax allocation reserve		2,544			3,812
Total non-current deferred tax liabilities	$	18,577		$	23,330
Total net non-current deferred tax (assets)/liabilities	$	(20,685	)	$	16,243

The following table summarizes the activity related to the Company's unrecognized tax benefits as of December 31, 2012, 2011 and 2010:

	2012			2011			2010

Balance at January 1	$	4,328		$	4,085		$	4,598
Gross increases related to current period tax positions		348			317			236
Gross increases/(decreases) related to prior period tax positions		(483	)		95			(303	)
Expirations of statute of limitations for the assessment of taxes		(113	)		(38	)		(161	)
Settlements		(175	)		-			-
Foreign currency translation		62			(131	)		(285	)
Balance at December 31	$	3,967		$	4,328		$	4,085