Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income before income taxes consists of the following:

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

The provision/(benefit) for income taxes differs from the statutory federal income tax rate of 35% for 2013, 2012 and 2011 as follows:

	December 31,
	2013			2012			2011

Income tax provision at U.S federal statutory rate	$	15,752		$	10,979		$	6,978
Effect of foreign income taxed at rates other than the U.S. federal statutory rate		242			(451	)		469
Foreign income inclusions		-			4,563			8,398
Tax credits		(250	)		(177	)		(196	)
Changes in tax laws		(1,155	)		(1,329	)		-
Indefinite-lived intangibles		-			-			204
Net change in valuation allowance		(97	)		(45,105	)		(9,546	)
Other		240			(341	)		(105	)
Total	$	14,732		$	(31,861	)	$	6,202

The components of deferred tax assets and liabilities as of December 31, 2013 and 2012 relate to temporary differences and carryforwards as follows:

	December 31,
	2013			2012
Deferred tax assets:
Inventory	$	2,510		$	2,263
Legal and related reserves		260			100
Foreign tax credit carryforwards		31,463			35,410
Environmental		2,995			850
Net capital loss carryforwards (domestic)		31			31
Net operating loss carryforwards (foreign)		944			902
Employee benefits		12,841			17,977
Restructuring		239			334
Research & experimentation tax credit carryforwards		1,900			1,681
Alternative minimum tax credit carryforwards		2,773			2,604
Property, plant and equipment		3,843			4,228
Other		3,507			4,553
Total gross deferred tax assets		63,306			70,933
Valuation allowance		(29,890	)		(29,941	)
Total deferred tax assets	$	33,416		$	40,992

Deferred tax liabilities:
Property, plant and equipment		(9,059	)		(6,523	)
Intangibles and other		(9,856	)		(9,510	)
Unremitted foreign earnings		(568	)		(541	)
Foreign tax allocation reserve		(2,006	)		(2,544	)
Other		(2,187	)		(2	)
Total deferred tax liabilities	$	(23,676	)	$	(19,120	)

Net deferred tax asset / (liability)	$	9,740		$	21,872


Classified as follows in the consolidated balance sheet:
Current deferred tax asset (included in other current assets)		2,874			1,469
Non-current deferred tax asset		19,799			30,786
Current deferred tax liability (included in other current liabilities)		(98	)		-
Non-current deferred tax liability		(12,835	)		(10,383	)
	$	9,740		$	21,872

The following table summarizes the activity related to the Company’s unrecognized tax benefits as of December 31, 2013, 2012 and 2011:

	2013			2012			2011

Balance at January 1	$	3,967		$	4,328		$	4,085
Gross increases related to current period tax positions		257			348			317
Gross (decreases)/increases related to prior period tax positions		(427	)		(483	)		95
Expirations of statute of limitations for the assessment of taxes		(37	)		(113	)		(38	)
Settlements		-			(175	)		-
Foreign currency translation		162			62			(131	)
Balance at December 31	$	3,922		$	3,967		$	4,328